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Mass media / Periodicals

US Department of energy lowered its forecast for the Brent oil price in 2019

"Oil of Russia" 07.08.2019 at 08:54

Energy information Administration US Department of energy (EIA) lowered its forecast for the average price of North sea Brent crude oil in 2019 to 65,15 USD per barrel with 66,51 dollar, follows from the data of monthly short-term forecast EIA.

the Forecast average price of Brent crude oil in 2020 is reduced to $ 65 per barrel from $ 67.

the EIA Forecast average prices for WTI for the year 2019 downgraded to 57.87 dollar against the June assessment 59,58 dollar. For 2020, the Department has reduced the forecast to 59.5 per barrel from the previous month to $ 63.

in addition, EIA lowered its forecast for oil production in the country in 2019 90 thousand barrels, to 12.27 million barrels per day, forecast for 2020 remains the same, from the data monthly short-term forecast EIA.

the EIA expects oil production in the U.S. in 2020 will be of 13.26 million barrels per day. Production in the country in 2018 amounted to an average of 10.99 million barrels per day.

"EIA predicts that oil production in the U.S. will amount to approximately 12.3 million barrels per day in 2019 and 13.3 million barrels per day in 2020, which in both cases will be at a record level," the report said.

the EIA Also lowered its forecast for OPEC oil production in 2019 is 60 thousand barrels per day, up to 30,13 million barrels a day, data from the monthly short-term forecast EIA.

thus, according to the EIA, oil production in OPEC in 2018 amounted to 31,96 million barrels per day. Thus, the US Department of energy expects more than previously believed, a decline in the organization in annual terms – by 1.83 million barrels per day (earlier it was expected a decline to 1.77 million barrels per day).

In 2020, according to the EIA forecast, oil production in OPEC will be of 29.79 million barrels per day. Thus, the US Department of energy expects a further decline year – on-year to 340 thousand barrels per day. At the same time in the previous forecast expected a greater decrease in production to 460 thousand barrels per day.

Source: PRIME