US energy agency revises up oil price forecast
Global crude oil prices were revised up for 2017 and 2018, the U.S. Energy Information Administration (EIA) said Wednesday, APA reports quoting Anadolu Agency.
International benchmark Brent crude is estimated to average $52 this year and $54 per barrel next year, the EIA said in its Short-Term Energy Outlook (STEO) for October.
The prices are $2 higher than estimates last month.
American benchmark West Texas Intermediate (WTI) is expected to average $49.5 this year, and $50.5 next year, the EIA said, each $0.5 higher compared to the September predictions.
The EIA pointed to declining global oil inventories and falling OPEC production for the revisions.
"EIA estimates that OPEC crude oil production averaged 32.9 million bpd [barrels per day] in the third quarter of 2017, down from an average of 33.4 million bpd in November 2016," according to the report.
U.S. crude production estimates were revised slightly to 9.2 million bpd in 2017, from a previous forecast of 9.3 million bpd. That is expected to increase 0.1 million bpd in 2018 to 9.9 million bpd.
The global oil supply outlook was also revised downward.
Total world supply is now forecast to average 98 million bpd this year, instead of 98.3 million bpd; and 100 million bpd, instead of 100.3 million bpd next year.
The EIA said total world consumption would remain unchanged at an average of 98.3 million bpd in 2017 and 99.5 million bpd in 2018.
Related news releases
- 24.02.2018White House on lockdown after vehicle hits security barrier
- 24.02.2018Trump: If North Korea sanctions don't work, we go to 'Phase 2'
- 24.02.2018Trump campaign aide to plead guilty
- 24.02.2018U.S. ready to open Jerusalem embassy in May: State Department
- 23.02.2018U.S. expects to open Jerusalem embassy in May, officials say
- 23.02.2018U.S. imposes largest package of sanctions against North Korea
- 23.02.2018Trump administration to target North Korea with new sanctions on Friday
- 23.02.2018IAEA reaffirms Iran’s compliance with JCPOA in its new report
- 23.02.2018SpaceX launches internet satellite prototypes
- 23.02.2018Man dies after throwing explosive device at US Embassy in Montenegro
- 23.02.2018Oil prices climb after unexpected drawdown in U.S. crude stocks
- 23.02.2018Russian diplomats tried to export 400 kg of cocaine from Argentina
- 22.02.2018Charity boss resigns from Unicef
- 22.02.2018US: Melania Trump’s parents become US residents
- 22.02.2018U.S. SEC updates guidance on cyber attack disclosure for companies
- 21.02.2018US: students rally in Florida to stop school shootings
- 21.02.2018U.S.-led air strike in Somalia kills three al Shabaab militants: statement
- 21.02.2018US pledges closer cooperation with Turkey
- 21.02.2018Trump pushes for ban on gun 'bump stocks'
- 21.02.2018Trump phones Mexican president over copter crash
- 20.02.2018Pentagon prepares new ballistic missile defense review
- 19.02.2018Tillerson says new sanctions can be imposed on Russia
- 18.02.2018US to work with Turkey on liberated areas in Syria
- 18.02.2018Brazil to form public security ministry to battle rising crime
- 18.02.2018US charges 13 Russian nationals, 3 organizations with alleged meddling in 2016 election
- 17.02.2018Mexico helicopter crash kills 13 on ground in wake of earthquake
- 17.02.2018Helicopter with interior minister, governor crashes into van in Mexico, kills two
- 17.02.2018Flu killed 22 American children last week
- 17.02.2018Mexico hit by major earthquake of magnitude 7.5
- 17.02.2018FBI failed to investigate Florida shooter tip
- 16.02.2018US grand jury indicts 13 Russians for election meddling
- 16.02.2018John Kirby: "Tillerson breaks protocol by meeting Erdogan without translator"
- 16.02.2018Tillerson and Turkey's Erdogan had productive conversation: U.S. spokesman
- 16.02.2018US court says travel ban discriminates against Muslims
- 15.02.2018FBI was warned about Florida gunman
- 15.02.2018Avalanche kills three skiers in France
- 15.02.2018US and Russia dispute over Syria in UN Security Council
- 15.02.2018Any U.S. talks with North Korea would press denuclearization demand: Pence
- 15.02.2018Tillerson wants more cooperation with Turkey on Syria
- 15.02.2018Ex-student kills 17 in shooting spree at Florida high school- UPDATED
- 12.10.2017Mattis says U.S. will work to stay aligned with Turkey despite diplomatic tensions
- 12.10.2017US officials ‘respectfully' took down Russian flags - State Department
- 12.10.2017At least 23 dead, hundreds missing as winds fan California wildfires
- 12.10.2017US: Fed officials split on interest rate increase
- 12.10.2017Trump says could envision trade deal with Canada without Mexico
- 12.10.2017US ‘committed’ to restarting Mideast talks: Jordan king