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
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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.
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