The agency also expects Brent oil quotes to average $81 per barrel by the end of the year.
The U.S. Department of Energy has raised the forecast for the cost of Brent crude oil in 2021 by 4%, from $68.61 to $71.38 per barrel, according to a report by the Energy Information Administration (EIA) of the U.S. Department of Energy.
The agency also expects Brent oil quotes to average $81 per barrel by the end of 2021. At the same time, in 2022, according to the ministry, the price of Brent oil will drop to $71.9 per barrel against the background of continued growth in oil production by OPEC+ countries and an increase in production hard-to-recover oil in the United States.
The WTI crude oil price is projected at $68.5 per barrel in 2021 and $68.2 per barrel in 2022.
In addition, the U.S. Department of Energy lowered the forecast of daily oil production in the United States in 2021 by 60 thousand barrels to 11.02 million barrels per day. Expected production volumes in 2022 increased by 10 thousand barrels to 11.73 million barrels per day.