The U.S. Department of energy reduces by more than 20% forecast of oil prices in 2016

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Baku, January 13 AZERTAC

U.S. Department of energy has lowered its forecast of oil prices for the current year by more than 20%.

The average price of WTI is expected to average $38,54 per barrel compared with the previous estimate of $50,89 per barrel. The forecast for Brent reduced to $of 40.15 per barrel from $55,78 per barrel.

In 2017 WTI will average $47 per barrel and Brent at $50 a barrel, experts expect control.

World oil consumption this year will be 95,19 million barrels per day (b/d) than anticipated in December 95,22 million b/d. Demand next year will increase to 96,61 million b/d, EIA predicts.

While management has increased the forecast of oil production in the world this year to 95,93 million b/95,79 million b/d.

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