EIA revises up Brent oil forecast by $0.48 for 2020

Baku, September 11, AZERTAC

The US Energy Information Administration (EIA) has revised up its Brent crude oil price forecast for 2020 by $0.48 per barrel, according to its monthly Short-Term Energy Outlook (STEO) report for September released on Wednesday, Anadolu Agency reports.

The international benchmark is now expected to average $41.90 per barrel this year, up from its previous estimate of $41.42 a barrel.

Brent crude prices averaged $50 per barrel during the first quarter of 2020 and $29 per barrel during the second quarter of this year. The administration now forecasts $43.9 a barrel in the third quarter of 2020 and $44.1 a barrel in the fourth quarter of the year.

The EIA said it estimates that Brent will average $49 per barrel next year, as oil markets become more n balanced.

The administration said it expects high inventory levels despite expected inventory draws in the coming months with surplus crude oil production capacity limiting upward pressure on oil prices.

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