U.S. does not expect growth in oil price in next two years
Azerbaijan, Baku, Jan. 16 / Trend A.Badalova /
The U.S. Energy Information Administration (EIA) does not expect a significant increase in world oil prices in 2010 and 2011 compared to the current levels.
Based on EIA forecasts, the average price of U.S. crude oil WTI will amount to $80 per barrel in 2010 and $84 per barrel in 2011. In 2009, the average price for this sort of oil amounted to $62 per barrel.
In December 2009, the average spot price for WTI was $74.5 per barrel, which is lower by $3.5 per barrel than in the previous month, the EIA January report says.
Spot price for WTI will fall over the next few months, reaching $76 per barrel in March and then will rise again up to $82 per barrel in late spring and to $ 85 per barrel in late 2010, the agency forecasted.
EIA forecasts relate to the expectations of the recovery of the world economy, and in particular the U.S. economy. EIA expects world GDP growth at 2.5 percent in 2010 and 3.7 percent in 2011, while U.S. GDP growth will amount to 2 percent in 2010 and 2.7 percent in 2011.
The State Energy Information Administration is statistical agency of U.S Department of Energy established by the Congress in 1977.
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