EIA lowers global oil consumption outlook for 2021
Yet, the agency’s latest forecast was 200,000 b/d lower from its earlier estimate due to heightened uncertainties surrounded by the recent surge in new COVID-19 cases and renewed lockdown measures worldwide.
EIA expects that global oil inventories will mostly continue to decline during 2021 and 2022 in line with a gradual increase in oil production and consumption levels.
Regarding crude oil values, EIA forecasts that Brent crude oil prices will hover at around $53/bbl for the next two years compared with an average of $42/b in 2020. West Texas Intermediate (WTI) crude oil prices are expected to average at around $49/barrel in 2021 and $48/barrel in 2022.
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