US Department of Energy retains forecast for Brent oil price at $62.3 per barrel in 2021
The US Department of Energy has kept the forecast for the price of Brent crude oil in 2021 at $62.3 per barrel, according to a report from the Energy Information Administration (EIA) of the US Department of Energy, TASS reports.
The agency expects that Brent oil prices in Q2 will be $65 per barrel, and in the second half of 2021, the price will drop to $61 per barrel on average. In 2022, according to the ministry, the price of Brent oil will be set at $60.7 per barrel.
The price of WTI crude oil is projected at $58.9 per barrel in 2021 and $56.99 per barrel in 2022.
The US Department of Energy noted that in April 2021 the average price of Brent crude oil did not change compared to March and remained at $65 per barrel. The stability of oil prices in April was due to the fact that in the United States, amid growing economic activity and an increase in vaccination coverage against coronavirus, there was an increase in oil demand, while in India the demand for oil fell due to a sharp increase in the number of infected.
In addition, the US Department of Energy slightly lowered the forecast for daily oil production in the United States in 2021 - by 20,000 barrels to 11.02 mln barrels per day. Expected production volumes in 2022 also decreased by 20,000 barrels to 11.84 mln barrels per day.