EIA forecasts mostly flat crude oil prices and increasing global production through 2019

12 Jan 2018   Oil Supply, Prices, USA

U.S. Energy Information Administration, Short-Term Energy Outlook, January 2018 EIA’s January Short-Term Energy Outlook forecasts Brent crude oil to average $60 per barrel (b) in 2018 and $61/b in 2019, slightly higher than the $54/b average in 2017. In both 2018 and 2019, EIA expects total global crude oil production to be slightly greater than global consumption, with U.S. crude oil production increasing more than any other country. Because crude oil prices are expected to be relatively flat through 2019, U.S. gasoline prices are also expected to remain near current levels. EIA forecasts the U.S. average regular retail gasoline price will average $2.57/gallon (gal) in 2018 and $2.58/gal in 2019, slightly higher than the $2.42/gal average in 2017. EIA forecasts the West Texas Intermediate (WTI) crude oil spot price will average $55/b in 2018 and $57/b in 2019, or $4/b and $5/b, respectively, lower than Brent prices. This […]

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