Price of Brent oil to be USD 33 this year, USD 45 in next year - FORECAST

Price of Brent oil to be USD 33 this year, USD 45 in next year - FORECAST
  • Clock-gray 10:41
  • calendar-gray 08 April 2020

Brent crude oil prices averaged $32/barrel (b) in March, a decrease of $24/b from the average in February and the lowest monthly average since January 2016, APA reports citing EIA.

EIA forecasts Brent crude oil prices will average $33/b in 2020, $10/b lower than in last month’s STEO and down from an average of $64/b in 2019.

EIA expects prices will average $23/b during the second quarter of 2020 before increasing to $30/b during the second half of the year.

EIA forecasts that average Brent prices will rise to an average of $45/b in 2021, $10/b lower than forecast last month, as a return to declining global oil inventories puts upward pressure on prices.

Emil Ismayilov

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