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US decreases forecast for oil prices

Oil&Gas Materials 12 April 2017 12:29 (UTC +04:00)
Average price for Brent oil will be $54.23 per barrel in 2017 and $57.1 per barrel in 2018
US decreases forecast for oil prices

Baku, Azerbaijan, April. 12
By Elena Kosolapova - Trend:
Average price for Brent oil will be $54.23 per barrel in 2017 and $57.1 per barrel in 2018, according to the US Energy Information Administration’s (EIA) forecasts in its April 2017 Short-term Energy Outlook.

In its March 2017 Short-term Energy Outlook, the EIA forecast the Brent crude oil price at $54.62 per barrel in 2017 and at $57.18 per barrel in 2018.

West Texas Intermediate (WTI) oil prices are forecast at $52.24 per barrel in 2017 and $55.1 per barrel in 2018, according to the EIA.

The prices for Brent and WTI stood at $43.74 per barrel and $43.33 per barrel, respectively, in 2016, said the EIA.

The EIA noted that in early March, crude oil prices declined as US crude oil inventories built to a multi-decade high and as US crude oil production rose. The price decline occurred despite the voluntary crude oil production cuts in the first quarter of 2017 among the OPEC-countries and some non-OPEC producers.
Unplanned supply outages in Libya and market perceptions of an increased likelihood of an extension of the voluntary production cuts may have contributed to price increases at the end of March.

Follow the author on Twitter: @E_Kosolapova

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