U.S. Oil Forecast is Revised

US oil forecast was revised. The U.S. Energy Information Administration announced that it has increased its forecast for crude oil prices this year to $ 34 a barrel. US oil forecast was revised. The U.S. Energy Information Administration (EIA) reported that it revised this year's estimates for crude oil prices for barrels. According to the "May 2020 Short-Term Energy Outlook" for the revision, the EIA estimated that the average barrel price of Brent crude oil in 2020 would be $ 34. In the April 2020 report, this estimate was $ 33. The price of barrels of Brent crude oil, which is expected to be an average of $ 23 in the second quarter of 2020, is expected to rise to $ 32 in the second half and $ 48 for the next road. In its April 2020 report, the EIA reduced its oil price forecast for this year by $ 10. In the report, it was pointed out that the coronavirus epidemic worldwide caused disruption in economic activities and restrictions in transportation.

US Production Expectation Downgraded

The EIA has also reduced the daily US crude oil production forecast for this year by 100,000 barrels. Thus, the average daily crude oil production of the country, which is most affected by coronavirus, is expected to be 11.7 million barrels this year. The April 2020 report revealed that the country's daily crude oil production is expected to reach 11.8 million barrels this year.