The energy information administration of the US Department of energy raised the forecast of the average cost of Brent crude oil in 2019 from 65.15 to 69.64 dollars per barrel. This is stated in the monthly short-term forecast of the Department.
The forecast is also increased for 2020 — from 62 to 67 dollars per barrel.
In addition, the forecast of the average cost of a barrel of WTI oil has changed: from 58.8 to 62.79 dollars this year, and from 58 to 63 dollars in 2020.
In General, oil reserves in the world will decrease in 2019 by 0.2 million barrels per day and in 2020 will increase by 0.1 million barrels per day, the report said.
Global demand for oil will grow by 1.5 million barrels per day in 2020 compared to the expected growth of 1.4 million barrels per day this year.