EIA sharply increases its outlook on oil prices

EIA sharply increases its outlook on oil prices
# 16 May 2021 11:19 (UTC +04:00)

During this year, Energy Information Administration (EIA) under the US Energy Ministry has increased its outlook on the average price of Brent oil by 18.14% or by USD 9.56, APA-Economics reports citing calculations on the basis of reports of the EIA in January-May. 

The calculation has been conducted on the basis of January and May forecasts.

According to information, during the reporting period, the highest level of the forecast has been recorded USD 62,28 per barrel in April, which is USD 0.02 more in comparison with the May forecast. The lowest forecast level has been USD 52,7 in the April report of the EIA.

Furthermore, a sharp increase can also be observed in the outlook of the organization on Brent oil for 2022. Thus, the price of the mentioned oil per barrel is forecasted to be USD 60,74 in the May report of the EIA (peak forecast level recorded over the year), which is 13.66% or USD 7,3 more in comparison with the January forecast. This indicator made up USD 53,44 (minimum forecast level) in January of this year. 

Note that the average price of Brent oil made up USD 41.69 in 2020.

According to calculations, the forecast of the EIA on the average price of the WTI oil for 2021 increased by 18.53% or by USD 9.21 (January and May) over the year. Thus, the peak level of the forecast over the year has been USD 58.91 (May), while the lowest level USD 49.7 (January) for 2021.

According to calculations, the forecast on the indicator of 2022 has been increased by 14.41% or by USD 7.18. Peak level of forecast over the year has been USD 56.99 (May), while the lowest level USD 49.81 (January) for 2022.

The average price of WTI oil made up USD 39.17 last year

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