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EIA Reveals New Oil Price Forecast


The United States Energy Information Administration (EIA) kept its Brent spot average prices for 2021 and 2022 flat month on month, the organization’s latest Short Term Energy Outlook (STEO) has revealed.

According to its August STEO, the EIA now sees the Brent spot price averaging $68.71 per barrel this year and $66.04 per barrel next year. The EIA’s July STEO forecasted that Brent spot prices would average $68.78 per barrel in 2021 and $66.64 per barrel in 2022.

In its latest STEO, the EIA highlighted that Brent crude oil spot prices averaged $75 per barrel in July, which it noted was up $2 per barrel from June and up $25 per barrel from the end of 2020.

“Brent prices have been rising this year as result of steady draws on global oil inventories, which averaged 1.8 million barrels per day (MMbpd) during the first half of 2021 and remained at almost 1.4 MMbpd in July,” the EIA stated in its August STEO.

“We expect Brent prices will remain near current levels for the remainder of 2021, averaging $72 per barrel from August through November. However, in 2022, we expect that continuing growth in production from OPEC+ and accelerating growth in U.S. tight oil production – along with other supply growth – will outpace decelerating growth in global oil consumption and contribute to Brent prices declining to an average of $66 per barrel in 2022,” the EIA added in the STEO.

The EIA forecasts that OPEC crude oil production will average 26.5 MMbpd in 2021, which it highlights is up from 25.6 MMbpd in 2020. The organization expects OPEC crude oil production will rise to an average of 28.7 MMbpd next year. Looking at U.S. crude oil production, the EIA’s most recent monthly data shows this output stood at 11.2 MMbpd in May. The EIA said it expects production to be relatively flat through October before it starts rising in November and December and throughout 2022. U.S. crude oil production for next year averages 11.8 MMbpd, up from 11.1 MMbpd in 2021, according to the EIA.

The EIA noted that its latest STEO remains subject to heightened levels of uncertainty related to the ongoing recovery from the Covid-19 pandemic. The organization says its forecast assumes continuing economic growth and increasing mobility and adds that any developments that would cause deviations from these assumptions would likely cause energy consumption and prices to deviate from its forecast.

Confirmed cases of Covid-19 have grown, globally, for the past seven consecutive weeks, according to the latest information from the World Health Organization (WHO). The United States alone has seen rising cases for the same number of consecutive weeks, as well as rising numbers of Covid-19 deaths for the past two consecutive weeks, WHO figures show.


14 Comments on "EIA Reveals New Oil Price Forecast"

  1. Duncan Idaho on Fri, 13th Aug 2021 9:28 am 

    U.K. Mass Shooter Said He Was American, Trump-Supporting Virgin

    A normal repug

  2. Duncan Idaho on Fri, 13th Aug 2021 9:36 am 

    Republican strategist becomes newest Trump supporter charged with 10 counts of child sex trafficking

    Another normal repug

  3. Outcast_Searcher on Fri, 13th Aug 2021 12:27 pm 

    Duncan Idaho has so much dementia he doesn’t even have the first clue what the topic is.

    And it takes the lowest class of idiot to claim that it’s “normal” for GOP members to be sex traffickers.

    Science deniers, all too normal. But liberals have the “something for nothing” disease way too often, so it’s not like both sides don’t have issues.

  4. Duncan Idaho on Fri, 13th Aug 2021 4:25 pm 

    July 2021 was Earth’s warmest month in recorded history, says NOAA
    (July featured two $25 billion flood disasters and Earth’s hottest reliably measured temperature on record: 54.4°C (130°F) at Death Valley, California.)

  5. Duncan Idaho on Fri, 13th Aug 2021 4:34 pm 

    Trump endorses man who was at the Capitol Jan. 6 and who bragged about exposing genitals to women

    Normal repug

  6. Duncan Idaho on Fri, 13th Aug 2021 4:44 pm 

    GOP operative charged, including 5 counts of child sex trafficking

    normal repug

  7. Duncan Idaho on Fri, 13th Aug 2021 6:28 pm 

    Tennessee state Rep. David Byrd was recorded apologizing to one of two former students who accused him of molesting them when he was a girls’ high school basketball coach in the 1980s.

    “I can promise you one thing, I have been so sorry for that,” he says in a recording that surfaced along with the allegations in 2018. “I’ve lived with that and you don’t know how hard it has been for me.”

    A third student charged that he had attempted to molest her. But Byrd never admitted nor explicitly denied what the three alleged, saying only, “I have done nothing wrong or inappropriate during my term as state representative.”

    It is normal repug behavior

  8. Cloggie on Sat, 14th Aug 2021 1:37 am 

    By 2025, all buses in the Netherlands will be emission-free and be either driven on electricity or hydrogen:

    “20 Polish Solaris Hydrogen Buses for the Netherlands”

  9. Cloggie on Sat, 14th Aug 2021 2:25 am 

    That’s all folks!

    BP study hints at green Australian hydrogen for the price of natural gas.

  10. elite whitey supertard fauci is going after TURGID SD he is ignoring Omama super spreader event how cum question mark i dont know man i dont know anymore comeon man but like i predicted and i stand by my prediction TURGID SD 2020 was devastating on Sat, 14th Aug 2021 3:08 am 

    for elite whitey supertards because the death rate as a result was 2^N where N takes 200 years to type all digits.

    TURGID SD 2021 was catastrophic because death rate is 2^N where N takes 22000 years to type all digits.

    The fact remains, either I’m wrong or TURGID people know moar science then me and elite whitey supertard is not extinct

    Anyways, this is a distraction from 911 when elite whitey supertard prof steven jones found elemental compositon of thermate so thermate was used in controlled demolition of WTC compound

    please feel at ease among friends, we’re all lovers of supremacist muzzies here

  11. a song for all elite whitey supertards with PhDs who as a group dont take MUZZ-19 which contains semen from DROPOUT-19 he mixes it in his basement in empty paint buckets and sell for a lot of money he made 17x the invesment this one from REM btw on Sat, 14th Aug 2021 8:57 am 

    Here’s a little agit for the never-believer yeah, yeah, yeah, yeah.

    Here’s a little ghost for the offering yeah, yeah, yeah, yeah.

    Here’s a truck stop instead of Saint Peter’s yeah, yeah, yeah, yeah

    this is just a distraction from 911 where elite whitey supertard steven jones professor found elemental composition of thermate at the WTC compound. Thermate was used in controlled demolition of the buildings.

    Please feel at ease among friends, we’re all lovers of supremacist muzzies here

  12. Duncan Idaho on Sat, 14th Aug 2021 1:03 pm 


    Not the brightest porch lights on the block.

  13. Duncan Idaho on Sat, 14th Aug 2021 3:35 pm 

    Teen arrested in connection with GOP strategist’s alleged sex trafficking scheme

    Just another normal repug—-

  14. Duncan Idaho on Sat, 14th Aug 2021 6:42 pm 

    St. Thomas University GOP Chair Arrested in FL for Aiding Prominent GOP Donor in Sex Trafficking.

    Another normal repug–

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