We are talking about an increase from $103.35 to $107.37 per barrel.
The U.S. Department of Energy has raised the forecast for the cost of Brent crude oil in 2022 by 3.8% – from $103.35 to $107.37 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 in the second half of 2022 will average at $108 per barrel, and in 2023 will drop to $97 per barrel.
In addition, the U.S. Department of Energy has raised the forecast of daily oil production in the United States in 2022 by 10 thousand barrels to 11.92 million barrels per day. The expected production volumes in 2023 increased by 120 thousand barrels to 12.97 million barrels per day, which could become an absolute record for the level of oil production in the United States.
The price of WTI crude oil is projected at $102.47 per barrel in 2022 and $93.24 per barrel in 2023.