The US Energy Information Administration (EIA) has revised its crude oil price forecast for this year, Brent and West Texas Intermediate (WTI).
In “November 2021 Short-Term Energy Outlook Report” released by the Energy Information Administration.
The average price of a barrel of Brent crude oil for this year was estimated at $71.59, this figure was $71.38 in the October report.
The report expected the price of WTI to be $69.02 a barrel this year, and the average price of WTI was $68.48 a barrel in October.
The prediction that global oil consumption will lag production was among the main factors influencing the price outlook for 2022.
And the Energy Information Administration kept its forecast for the price of Brent crude per barrel for next year constant at $71.91.
While I expected the average price of West Texas Intermediate crude to be $68.28 per barrel.
In the October report, the average price of a barrel in West Texas was 68.24.
The Energy Information Administration estimates that daily OPEC production of crude oil will rise by 740,000 barrels compared to last year.
And to about 26.34 million barrels this year, while production will reach 28.37 million barrels in 2022.
According to the report, it is expected that the average daily crude oil production in the United States will be about 11 million and 130 thousand barrels this year, and last month this amount was recorded at about 11 million barrels.
It is expected that production will be at the level of 11 million and 900 thousand barrels in 2022, and this figure was estimated in last month’s report at about 11 million and 730 thousand barrels.
It is expected that global oil consumption will reach an average of 97 million and 530 thousand barrels per day, an increase of nearly 5 million barrels compared to last year, and 100 million and 880 thousand barrels in 2022.