ECONOMY


EIA raises Brent price forecast to $65 for 2020

Baku, January 15, AZERTAC

The US Energy Information Administration (EIA) has raised its forecast on Brent crude oil spot prices for this year in its short-term energy outlook report.

EIA forecasts Brent crude oil spot prices will average $65 per barrel (b) in 2020 and $68/b in 2021, compared with an average of $64/b in 2019.

EIA expects West Texas Intermediate (WTI) crude oil prices will average about $5.50/b lower than Brent prices through 2020 and 2021.

“Beginning in mid-2020 and into 2021, EIA expects that tightening market fundamentals will be the main driver of upward price pressures, with forecast Brent prices increasing to $69/b at the end of 2021 and averaging $68/b for the year,” the agency said.

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