EIA Revised its Forecasts for Oil Prices

The US Energy information administration revised its forecasts for oil prices this year and next year, as US crude is expected to rise 6.9% this year compared to last June’s forecast, to $ 37.55 a barrel. The administration also expected that the average American oil price will increase by 4.1% next year to $ 45.70 a barrel.

Meanwhile, US Energy Department expected Brent crude prices to rise by 6.5% this year to $ 40.50 a barrel and that prices to rise by 3.8% next year to reach $ 49.70 a barrel.

On the other hand, the administration revised its forecast for the United States’ production of crude oil, up 0.6% this year to 11.63 M bpd, while raising its estimates for production next year by 1.6% to 11.01 M bpd