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The US Department Of Energy Raised Its Forecast For The Price Of Brent Oil In 2020 To $41.42 Per Barrel

The US Department Of Energy Raised Its Forecast For The Price Of Brent Oil In 2020 To $41.42 Per Barrel

The US Department of Energy has raised the forecast for the cost of Brent oil in 2020 by 2.3%, to $41.42 per barrel, according to a report from the Energy Information Administration (EIA).

In 2021, according to the Ministry, the price will be set at $49.53 per barrel.

The US Department of Energy also lowered its forecast for daily oil production in the US in 2020 to 11.26 million barrels (-3.2%) and raised it for 2021 to 11.14 million barrels (+1.2%).

Oversupply of oil

The oversupply of oil in the world in 2020 will amount to 1.08 million barrels per day, according to the report.

Global oil supply this year, according to EIA estimates, is projected at 94.22 million barrels per day with demand at 93.14 million barrels.

But in 2021, the market will see a deficit of 0.79 million barrels per day (the supply will be 99.37 million barrels per day with the demand of 100.16 million barrels), according to the US Department of energy.

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