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EIA lowers global oil consumption outlook for 2021

by ChemOrbis Editorial Team -
  • 19/01/2021 (15:41)
Global oil consumption is set to grow by 5.6 million b/d in 2021 and by 3.3 b/d in 2022, the US Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook released on January 12.

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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