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Friday, 11 January 2019 13:00

EIA revises oil price forecasts downward for 2019

EIA revises oil price forecasts downward for 2019

In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration has revised its 2019 price forecasts for Brent and West Texas Intermediate to $61/bbl and $54/bbl, respectively, which are both $11/bbl lower than forecast in the STEO for November, Caspian Energy News ( reports with reference to Oil&Gas Journal.

Meanwhile, EIA expects that the magnitude of the recent price declines combined with the Organization of Petroleum Exporting Countries’ production cuts will bring 2019 supply and demand numbers largely into balance, which EIA forecasts will keep prices near current levels in the coming months.

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Person in charge of the newsline: Olga Nagiyeva 

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