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bp: Oddo's worst pick in oil sector

( - This morning Oddo that the IEA has kept its estimate of demand unchanged, anticipating a rebound of 5.
5 Mb / d in 2021 and from 3.4 Mb / d in 2022 to 99.7 Mb / d, more than its pre-crisis level.

The analyst underlines that the agency notes on the one hand a solid recovery in demand for gasoline and jet fuel with the resumption of international transport where demand is expected to reach 6.4 Mb / d in 2022, i.e. 20% less than its pre-COVID level.

The deficit, which is likely to persist until the end of the year, is likely to support crude oil prices this year. The market is expected to swing back into surplus next year, Oddo said.

OPEC's policy should accompany the recovery and preserve market share in the face of the upcoming increase in shale production, which supports the broker's $65/bl scenario.

Oddo says that bp is the least attractive stock in the sector, for which it has a target price of 350p (current price: 343p, -0.5%).

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