The agency also expects that Brent oil quotes will remain at a high level in the coming months.
The U.S. Department of Energy has raised the forecast for the cost of Brent crude oil in 2022 by 10.8% – from $74.95 to $82.87 per barrel, according to a report by the Energy Information Administration (EIA) of the U.S. Department of Energy.
The agency also expects that Brent oil quotes will remain at a high level in the coming months. At the same time, according to the ministry, a decrease in prices can be expected from the middle of the year against the background of an increase in oil production by OPEC+ countries, the United States and other producers. “We predict that the price of Brent will drop to $87 per barrel in the second quarter of 2022, and in the fourth quarter to $75 per barrel. In 2023, we expect the price of Brent to average $68 per barrel,” the report says.
The price of WTI crude oil is projected at $79.35 per barrel in 2022 and $64.48 per barrel in 2023.
In addition, the U.S. Department of Energy has raised the forecast of daily oil production in the United States in 2022 by 170 thousand barrels – up to 11.97 million barrels per day. The expected production volumes in 2023 increased by 190 thousand barrels to 12.6 million barrels per day, which could become an absolute record for the level of oil production in the United States.