The U.S. Department of energy has reduced by more than 20% the forecast of oil prices in 2016

The U.S. Department of energy has reduced by more than 20% the forecast of oil prices in 2016


Moscow. January 13. The energy information administration (EIA) U.S. Department of energy has lowered its forecast of oil prices for the current year by more than 20%.

The average price of WTI is expected to average $38,54 per barrel compared with the previous estimate of $50,89 per barrel. The forecast for Brent reduced to $of 40.15 per barrel from $55,78 per barrel.

In 2017 WTI will average $47 per barrel and Brent at $50 a barrel, experts expect control.

World oil consumption this year will be 95,19 million barrels per day (b/d) than anticipated in December 95,22 million b/d. Demand next year will increase to 96,61 million b/d, EIA predicts.

While management has increased the forecast of oil production in the world this year to 95,93 million b/95,79 million b/d.

It is expected that oil production in the U.S. will be reduced on average by 700 thousand b/d in 2016 and 270 thousand b/d next year. In 2015, the figure amounted to 9,43 million b/d, thus, in the current year it is planned to produce in volume 8,73 million b/d (in December it was expected 8,76 million b/d).

“Because of low oil prices, oil production in the U.S. is projected to fall by nearly 700 thousand b/d this year, the first decline since 2008”, – stated in the message.