The USA Energy Information Administration (EIA) revised upwards its Brent and West Texas Intermediate (WTI) crude oil price forecast for this year. It was estimated to be $71.59. This figure was $71.38 in the October report.
The report predicted that the price of West Texas Intermediate (WTI) crude oil would be $69.02 a barrel this year. WTI's average barrel price was estimated at $68.48 in October. The prediction that global oil consumption will lag behind production was among the main factors affecting the price forecast for 2022. The EIA forecasted the barrel price of Brent crude oil to be 71, 71, While holding steady at $91, he predicted WTI's average price per barrel would be $68.28. In the October report, the average barrel price in WTI was recorded as 68.24.
EIA predicts that OPEC's daily crude oil production will increase by 740 thousand barrels compared to last year and reach approximately 26.34 million barrels and 28.37 million barrels in 2022. The average daily crude oil production in Turkey is expected to be approximately 11 million 130 thousand barrels this year. Last month, this amount was recorded as approximately 11 million 2 thousand barrels. It is predicted that production will take place at the level of 11 million 900 thousand barrels in 2022. This figure was estimated at 11 million 730 thousand barrels in last month's report. Global oil consumption is expected to reach an average of 97 million 530 thousand barrels per day this year, with an increase of approximately 5 million barrels compared to last year, and 100 million 880 thousand barrels in 2022.
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