The agency also raised its forecast for the price of Brent oil to $60.7.
The US Department of Energy has raised its forecast for daily oil production in the US in 2021 by 100 thousand barrels, to 11.1 million barrels per day, according to a report by the Energy Information Administration (EIA) of the US Department of Energy. Expected production volumes in 2022 increased by 500 thousand barrels to 12 million barrels per day.
According to the EIA forecasts, OPEC oil production in April will average 25.3 million barrels per day, and in May, it will grow to 26.6 million barrels per day. At the same time, the ministry believes that in the second half of 2021, OPEC countries’ oil production will average 27.9 million barrels per day.
The agency raised its forecast for the price of Brent crude oil in 2021 from $53.2 to $60.7 per barrel after the decision of the OPEC+ countries to maintain production restrictions.
The Ministry of Energy expects that Brent oil prices in March – April will be $65-70 per barrel, and in the second half of 2021, the price will drop to an average of $58 per barrel. In 2022, according to the ministry, the price of Brent oil will be set at $58.5 per barrel.
The price of WTI crude oil is projected at $57.24 in 2021 and $58.51 in 2022.
The US Department of Energy notes that the average price of Brent crude oil in February increased by $8 compared to January, to $62 per barrel. The agency attributes the price increase to growing economic activity and increasing coverage of coronavirus vaccination. Also, the price increase was affected by interruptions in oil supplies due to a sharp cold snap in the United States.