US Forecasts 2020 Brent Oil Price To Rise From $40.5 To $41.4 Per Barrel - Energy Dept.

US Forecasts 2020 Brent Oil Price to Rise From $40.5 to $41.4 Per Barrel - Energy Dept.

WASHINGTON (UrduPoint News / Sputnik - 11th August, 2020) The United States is predicting an increase in Brent spot prices in 2020 from $40.5 per barrel to $41.42 per barrel, the Energy Information Administration (EIA) said in its Short Term Energy Outlook on Tuesday.

"Global petroleum demand continued to recover in July, but continued growth in global coronavirus cases could bring renewed lockdown measures and presents considerable uncertainty to global oil demand for the remainder of the year," the report said.

Tuesday's outlook forecasts $49.53 per barrel in 2021, down from $49.7 in the July outlook.

The EIA has lowered US crude oil production estimates for 2020 by 370,000 barrels per day from the estimate in the previous Short Term Energy Outlook. The EIA said it expects crude oil production to average 11.3 million barrels per day in 2020 and 11.1 million barrels per day in 2021, down from the 12.2 million barrels per day in 2019.