2022 Oil Price Forecast Raised by EIA
The latest outlook continues to reflect heightened levels of uncertainty as a result of ongoing COVID-19 fallout and the Omicron variant that raises questions about global energy consumption.
Edited by Margo Ellis
Share
.jpg;maxWidth=385)
The U.S. Energy Information Administration (EIA) raised its Brent spot average price forecast for 2022, its January short-term energy outlook (STEO) has revealed.
The organization now sees Brent spot prices averaging $74.95 per barrel this year, which marks a $4.90 increase on its previous 2022 projection of $70.05, which was made in the EIA’s December STEO.
Looking ahead to 2023 for the first time, the latest STEO forecasts that average Brent spot prices will drop to $67.50 per barrel next year. Brent spot prices averaged $70.89 per barrel in 2021, the EIA’s January STEO highlighted.
In its latest STEO, the EIA projects that global oil inventories will increase at a rate of 500,000 barrels per day in 2022 and 600,000 barrels per day in 2023. The full article is here.
RELATED CONTENT
-
Dealing with Sand Erosion in Control and Choke Valves
Sand erosion in control and choke valves is a significant consideration offshore.
-
The Limits of Standard Manual Globe Valves for Throttling
A common practice in process services is to use manual globe valves with hand wheels for regulating flow.
-
General Considerations for Control and Choke Valves Used in Offshore Oil and Gas Production
The application of control and choke valves used in offshore oil and gas production is a very broad field and in this article, some of the main considerations for valve selection will be addressed.
 Unloading large gate valve.jpg;maxWidth=214)