The agency expects a gradual recovery of oil production in the Gulf of Mexico after Hurricane Ida.
The U.S. Department of Energy slightly lowered the forecast for the cost of Brent crude oil in 2021 from $68.71 to $68.61 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 $71 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 $66 a barrel against the background of the continued growth of oil production by OPEC+ countries and an increase in production of hard-to-recover oil in the United States.
The WTI crude oil price is projected at $65.69 per barrel in 2021 and $62.37 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 40 thousand barrels – to 11.08 million barrels per day. The expected production volumes in 2022 decreased by 50 thousand barrels -to 11.72 million barrels per day.