EIA reveals oil prices forecasts
Baku, Azerbaijan, April 13
By Aygun Badalova - Trend:
Both Brent and WTI crude oil prices will average $35 per barrel in 2016 and $41 per barrel in 2017, according to the forecasts of the US Energy Information Administration (EIA), published in its Short-Term Energy Outlook (STEO).
However, EIA noted that the current values of futures and options contracts suggest high uncertainty in the price outlook.
EIA's estimates show that Brent oil prices averaged $38 per barrel in March, a $6 per barrel increase from February.
US crude oil production averaged 9.4 million barrels per day in 2015, according to the EIA's estimates.
It is forecast to average 8.6 million barrels per day in 2016 and 8 million barrels per day in 2017, which are both 0.1 million barrels per day lower than forecast in the EIA last month's report.
EIA estimates that the US crude oil production in March 2016 averaged 9 million barrels per day, 90,000 barrels per day below the February 2016 level.