Brent price to reach $77, EIA says
Baku, Azerbaijan, May 18
By Aygun Badalova - Trend:
Brent crude oil average price will increase to $77 per barrel in 2020 as demand and supply come into balance, according to the forecasts of the US Energy Information Administration (EIA), published in its Annual Energy Outlook.
EIA expects that after 2020, the prices will continue to rise, as growing demand results in the development of more costly resources.
In 2016, EIA forecasts Brent average price at $37 per barrel.
Global oil consumption is forecasted by the EIA at up to 95.24 million barrels per day in 2016 and up to 96.78 million barrels per day in 2017.
Global oil supplies are expected at the level of 96.23 million barrels per day in 2016 and 96.99 million barrels per day - in 2017.
Brent crude prices eased on Wednesday, after hitting 2016 highs in the previous session, as the impact of unplanned supply disruptions in Nigeria and Canada was tempered by rising supplies elsewhere, Reuters reported.
Brent crude futures were trading at $49.11 a barrel, 17 cents below their last settlement. US WTI crude futures were flat at $48.31 a barrel.