(EIA) US Energy Information Administration sees heightened levels of uncertainty on demand for global liquid fuels following ongoing recoveries from Covid-19.
EIA says Brent crude oil averaged a price of $75 a barrel in July, up $2/b from June and up $25/b from the end of 2020 amidst the uncertainty.
Total crude production forecasts by EIA from OPEC stand at an average of 26.5 million barrels per day in 2021, an increase from 25.6 million barrels per day in 2020.
EIA expects continuing supply of oil from OPEC and the US in 2022 that could see Brent prices fall to an average of $66 per barrel.
US crude oil output in May was 11.2 million barrels per day, with EIA projecting production to remain unchanged through October before an uptick in November, December, and throughout 2022.
CL1! is up +3.46%.
