The US Energy Information Administration lowered its crude price forecasts

By : Franyi Sarmiento, Ph.D., Inspenet, July 29, 2022

The US Energy Information Administration (EIA) lowered its Brent crude price forecasts for 2022 and 2023 in its latest Short Term Energy Outlook (STEO).

Based on its July STEO, the EIA now forecasts the average Brent spot price to be $104.05 per barrel this year and $93.75 per barrel in 2023. The EIA’s previous STEO, which was released in June, forecast the average Brent spot price to be $107.37 per barrel in 2022 and $97.24 per barrel in 2023.

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In this same July report, the EIA forecasts that the average spot price of Brent will be 104.27 dollars per barrel in the third quarter of this year and 96.97 dollars per barrel in the fourth quarter. In its previous STEO, the EIA saw the Q3 and Q4 averages come in at $111.28 per barrel and $104.97 per barrel, respectively.

Looking at the 2023 quarterly figures, the latest EIA STEO sees Brent spot prices in Q1, Q2, Q3 and Q4 averaging USD95 per barrel, USD94 per barrel, USD93 per barrel and USD93 per barrel. per barrel, respectively.

“We expect the price of Brent crude oil to average $101 per barrel in the second half of 2022 and then drop to $94 per barrel in 2023,” the EIA stated in its latest STEO.

This Petrobanca portal material was edited for clarity, style and length.

Source : https://petrobanca.com/la-eia-de-ee-uu-reduce-las-previsiones-del-precio-del-petroleo/