Forecast Highlights Global liquid fuels Brent crude oil spot prices averaged $71 per barrel (b) in May, largely unchanged from April 2019 and almost $6/b lower than the price in May of last year. However, Brent prices fell sharply in recent weeks, reaching $62/b on June 5. EIA forecasts Brent spot prices will average $67/b in 2019, $3/b lower than the forecast in last month’s STEO, and remain at $67/b in 2020. EIA’s lower 2019 Brent price path reflects rising uncertainty about global oil demand growth. EIA forecasts global oil inventories will decline by 0.3 million barrels per day (b/d) in 2019 and then increase by 0.3 million b/d in 2020. Although global liquid fuels demand outpaces supply in 2019 in EIA’s forecast, global liquid fuels supply is forecast to rise by 2.0 million b/d in 2020, with 1.4 million of that growth coming from the United States. Global […]