US Raised Its Oil Price Forecast

The US raised its oil price forecast. The US Energy Information Administration (EIA) revised its forecasts.

The US Energy Information Administration (EIA) revised its oil price forecast for 2021 upwards. EIA's "February 2020 Short-Term Energy Outlook Report" predicted that the average barrel price of Brent crude oil for this year would be $ 53.20. In the December report, this figure was $ 52.70. In the report in question, it was estimated that the average barrel price of brent type crude oil, which is estimated to be 54.47 dollars in the first half of 2021 and 52 dollars in the second half, will be 55.19 dollars next year. The price per barrel of West Texas type (WTI) crude oil is estimated to be $ 50.21 this year and $ 51.56 next year.   Production Expectations Revised Downwards The US Energy Information Administration (EIA) has revised its daily crude oil production forecast for 2021 downwards. According to the revised estimate, the average daily production of crude oil in the USA is expected to be around 11 million barrels in 2021. This figure was estimated as 11 million 100 thousand barrels in the report of the previous month. The production in question is estimated to be at the level of 11 million 530 thousand barrels in 2022. The USA, which threw Saudi Arabia and Russia back in November 2018, became the world's largest crude oil producer.