12/7/2021, 6:16 PM (Source: TeleTrader)
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EIA: Brent prices to remain at current levels in 2022

The United States Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) released on Tuesday that it sees oil prices remaining near current levels next year.

"We expect that growth in production from OPEC+, of US tight oil, and from other non-OPEC countries will outpace slowing growth in global oil consumption, especially in light of renewed concerns about COVID-19 variants," the EIA stated and noted it sees prices of international benchmark Brent crude averaging $70 per barrel in 2022.

The EIA added it left its global oil demand forecast for 2022 unchanged, forecasting it will increase by 3.5 million barrels per day (bpd) to average 100.5 million bpd.

Baha Breaking the News (BBN) / NP