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U.S. Energy Information Administration revises oil price forecast

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

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