In the “July 2021 Short Period Power Outlook Report” of the US Power Information Administration, it was estimated that the average price of Brent crude oil would be $68.78 per barrel for this year. In the June report, that number was $65.19.
In the “July 2021 Short Period Power Outlook Report” of the US Power Information Administration (EIA), the average barrel price of Brent crude oil, which was calculated as $65.01 in the first half of the year, was predicted to be $72.32 in the second half of the year. Next year, this number is estimated to be around $66.64.
The agency stated that global commercial activities and travels will increase in the rest of the year and next year, which will lead to a better demand outlook. It was underlined that the expected increase in the production of the OPEC cluster, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, and the corresponding disruption of the downward trend in global oil stocks will also be the final factor in oil prices.
Source: bigpara. Liberty. com. en