• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 3 days Bad news for e-cars keeps coming
  • 4 days China deletes leaked stats showing plunging birth rate for 2023
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Oil Prices Set for Third Weekly Loss in a Row

Oil Prices Set for Third Weekly Loss in a Row

OPEC+'s potential supply increases have…

Demand Pessimism on Oil Market Dissipates

Demand Pessimism on Oil Market Dissipates

The pessimism that has gripped…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

STEO: Brent To Average $70 This Year

harbor

The Energy Information Administration expects Brent crude prices this year to average US$70 a barrel, falling to US$67 a barrel in 2020, the authority said in the latest edition of its Short-Term Energy Outlook.

Both forecast figures are about US$5 higher than what the EIA had projected in the March edition of the monthly report, reflecting the steady rise in benchmark prices since March. For reference, the EIA noted the average price of Brent crude for 2018 was US$71 per barrel.

With regards to oil fundamentals, the EIA said it expected demand to exceed supply this year, with global supply falling by about 200,000 bpd. Then in 2020 this will grow by 1.9 million bpd, of which 1.5 million bpd will come from the United States. Demand, however, will rise by less. In fact, according to EIA’s forecast, it will rise by as much as U.S. production will add to global supply, at 1.5 million bpd. This year, demand will grow more slowly, at a rate of 1.4 million bpd.

Sanctions on Iran and Venezuela, according to the EIA, will pressure OPEC production by 1.7 million bpd this year compared with 2018 production rates, to an average 30.3 million bpd. In fact, the authority’s forecast suggests the combined production loss of Iran and Venezuela would be greater than 1.7 million bpd as this year higher output in some OPEC members will partially offset the declines in Venezuelan and Iranian supply, with 1.7 million bpd being the net decline in OPEC production.

Outside oil, the EIA has some good news for the renewables space. According to its latest STEO, this year renewable generation capacity—excluding hydropower—will supply 11 percent of total power output this year, up from 10 percent last year. This will rise further to 13 percent in 2020. Although the pace of growth may seem moderate, it is a steady rate.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News