Brent crude oil prices to average $34/b in 2020 - FORECAST

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# 09:56
13 May 2020

Brent crude oil prices will average $34/b in 2020, down from an average of $64/b in 2019, APA-Economics reports citing forecasts of the Energy Information Administration under the US Ministry of Energy.

Brent crude oil prices averaged $18 per barrel (b) in April, a decrease of $13/b from the average in March.

EIA expects prices will average $23/b during the second quarter of 2020 before increasing to $32/b during the second half of the year.

EIA forecasts that Brent prices will rise to an average of $48/b in 2021, $2/b higher than forecast last month, as EIA expects that declining global oil inventories next year will put upward pressure on oil prices.

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