EIA revises up Brent oil forecast by $0.48 for 2020

11.09.2020 [12:28]
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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.

EIA revises up Brent oil forecast by $0.48 for 2020

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