EIA increases 2021 oil price forecasts on restrained OPEC+ production

The US Energy Information Administration expects Brent prices to average $49/bbl in 2021, it said in its latest Short-Term Energy Outlook (STEO), $2/bbl more than forecast in last month’s STEO.


The US Energy Information Administration (EIA) expects Brent prices to average $49/bbl in 2021, it said in its latest Short-Term Energy Outlook (STEO), $2/bbl more than forecast in last month’s STEO. An average of $43/bbl is expected in fourth-quarter 2020. The forecast for higher crude oil prices next year reflects EIA’s expectation that while inventories will remain high, they will decline with rising global oil demand and restrained OPEC+ oil production.


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