![Workers weld a pipe at a Colgate Energy LLC site in Reeves County, Texas, U.S., on Thursday, Aug. 23, 2018. Spending on water management in the Permian Basin is likely to nearly double to more than $22 billion in just five years, according to industry consultant IHS Markit. Photographer: Callaghan O'Hare/Bloomberg](https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/MMDJ2SAUDMBRNWWOJF7GTMOVXE.jpg?smart=true&auth=3ee976d13d0e70e29f8cd52acd39f226cc9993ed9619a5cffe7cd69794b90770&width=400&height=225)
Workers at a Colgate Energy site in Texas. The IEA has forecast a deficit in oil markets during the second half. Bloomberg
Workers at a Colgate Energy site in Texas. The IEA has forecast a deficit in oil markets during the second half. Bloomberg
Brent likely to average $50 per barrel in 2021, BofA says
Lender also revised its forecast for WTI up to $47 per barrel for 2021, anticipating a tighter market for oil supply and demand