We are talking about $52.7 per barrel against $48.53, which was mentioned earlier.
The US Department of Energy raised its forecast for the price of Brent crude oil in 2021 to $52.7 from $48.53 per barrel, according to a report from the Energy Information Administration (EIA) of the US Department of Energy.
According to the Ministry, the cost of oil of this grade in 2022 will be set at $53.44 per barrel.
The US Department of Energy also noted that by the end of 2020, oil production in the country has already declined to 11.3 million barrels per day (b/d), and in 2021 it will be reduced by another 200 thousand b / d-to 11.1 million b / d. At the same time, the ministry predicts an increase in production in 2022 to 11.5 million b/d.
Global oil consumption in 2020 decreased by 9 million b / d in annual terms, but the ministry expects growth in 2021 by 5.6 million b / d and in 2022-by another 3.3 million b / d.
Assessment of production in the OPEC countries
Crude oil production in the Organization of the Petroleum Exporting Countries (OPEC) in 2021 will be 27.2 million b/d against about 25.6 million b/d at the end of 2020. “The projected growth reflects the announced increase in production in OPEC countries, as well as in Libya,” the US Department of Energy said, adding that the latest OPEC+ agreement also implies an increase in production in Russia and Kazakhstan by 500 thousand b/d in February – March 2021.
In 2022, the volume of oil production may increase by another 1.1 million b / d, the report notes.