Industry and Energy

Home page

Industry and Energy

EIA: Growth in oil price to be observed in 2020-2021

15 January 2020 12:54 (UTC +04:00)

This year the average price of one barrel of oil of Brent brand is forecasted to be at the level of US$ 64.83 which is by 0.72% more than the indicator for 2019, “APA-Economics” reports citing Energy Information Agency (EIA) under Azerbaijan’s Ministry of Energy.

Note that according to EIA’s information, in 2019 the average price of the mentioned brand of oil was US$ 64.36.

The EIA forecasts that the oil of Brent brand will become even more expensive in 2021. Thus it is expected that the average price of one barrel of this brand of oil will be US$ 67.53.

According to the agency’s forecast, the growth will also be recorded in the price of oil of WTI brand this year and the next year. Thus, while the average price of oil of WTI brand was US$ 57.02 in 2019, it is expected that in 2020 and 2021 this indicator will be at the level of US$ 59.25 and US$ 62.03 correspondingly.