Energy Information Administration Expects Brent Crude Oil Prices to Stabilize Then Decline as Global Oil Production Increases
June 09, 2021
June 09, 2021
WASHINGTON, June 9 -- The U.S. Department of Energy's Energy Information Administration issued the following news release on June 8, 2021:
EIA forecasts in the June release of its Short-Term Energy Outlook (STEO) that global Brent crude oil prices will stabilize in mid-2021 and average about $68 per barrel (b) in the third quarter before decreasing to an average of $60/b in 2022. Brent crude oil prices averaged $68/b in May, a 25% increase from January's average.
EIA forecasts in the June release of its Short-Term Energy Outlook (STEO) that global Brent crude oil prices will stabilize in mid-2021 and average about $68 per barrel (b) in the third quarter before decreasing to an average of $60/b in 2022. Brent crude oil prices averaged $68/b in May, a 25% increase from January's average.