In the "October 2021 Short-Term Energy Outlook Report" of the US Energy Information Administration (EIA), the average barrel price of Brent crude oil for this year was estimated to be $71.38. This figure, which is based on the predictions that the global oil supply will decrease and therefore oil stocks will decrease, was 68.61 dollars in the September report.
“BRENT OIL BARREL WILL BE $71.91 NEXT YEAR”
The EIA revised the barrel price of Brent crude oil upwards for next year as well. Brent oil, which was predicted to be $66.04 in last month's report, was estimated to be $71.91 a barrel next year.
In the report, it was stated that while oil production in OPEC+ producing countries, the USA and other non-OPEC countries continues to increase, the decrease in global oil consumption will be reflected in the already high Brent crude oil prices next year.
The price of a barrel of West Texas type (WTI) crude oil was estimated to be $68.48 this year and $68.24 next year.
Predicting that this year, OPEC's daily crude oil production will decrease by 5 thousand barrels to approximately 26.42 million barrels, EIA predicts the group's production in 2022 to be 28.36 million barrels.
INCREASING IN 2022 US CRUDE OIL PRODUCTION EXPECTATION
The country's average daily crude oil production is expected to be around 11 million 2 thousand barrels this year. It is predicted that the production in question will be at the level of 11 million 730 thousand barrels in 2022. This figure was estimated at 11 million 720 thousand barrels in last month's report.
Global oil consumption is expected to be 97 million 470 thousand barrels per day, with an increase of approximately 5 million barrels compared to last year, and 100 million 95 thousand barrels in 2022.
The USA commercial crude oil stocks increased by 6 million 100 thousand barrels last week compared to the previous week.
The EIA announced that commercial crude oil inventories in the country increased by 6 million 100 thousand barrels (1.4 percent) last week to approximately 427 million barrels. The market expectation was that inventories would increase by 140,000 barrels.
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