Average spot prices for Brent oil will likely average $41.19 for all of 2020, revised downward from the $41.9 price forecast in September, according to the Short Term Energy Outlook published by the Energy Information Administration (EIA) on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 06th October, 2020) Average spot prices for Brent oil will likely average $41.19 for all of 2020, revised downward from the $41.9 price forecast in September, according to the Short Term Energy Outlook published by the Energy Information Administration (EIA) on Tuesday.
"EIA forecasts monthly Brent spot prices will average $42/b during the fourth quarter of 2020 and will rise to an average of $47/b in 2021," the report said.
Last month's report predicted an average 2021 price of $49.
The downward revisions reflected depressed economic activity due to the COVID-19 pandemic, which the latest report said will likely to continue for the foreseeable future.
The report also predicted US oil output would decline for the second consecutive year in 2021.
On an annual average basis, EIA expects US crude oil production to fall from 12.2 million barrels per day (b/d) in 2019 to 11.5 million b/d in 2020 and 11.1 million b/d in 2021, the report said.
