March 2021, Vol. 248, No. 3


EIA Expects Crude to Average Near $50 Per Barrel Through 2022

By Energy Information Agency (EIA)  In its January Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids to be greater than global supply in 2021, especially during the first quarter, leading to inventory draws.   As a result, EIA expects the price of Brent crude oil to increase from its December 2020 average of $50 per bbl to an average of $56 per bbl in the first quarter of 2021. The Brent price is then expected to average between $51 per bbl and $54 per bbl on a quarterly basis through 2022.  EIA expects that growth in crude oil production from members of the Organization

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