In this list

US EIA revises crude price forecast higher amid tightened fundamental outlooks

Commodities | Energy | Oil | Crude Oil | Refined Products | Jet Fuel

Jet fuel values buck falling passenger trend

Energy | Oil | Crude Oil

Platts Crude Oil Marketwire

Energy | Oil | Petrochemicals | Olefins | Polymers | Crude Oil

Asian Refining and Petrochemicals Summit

Energy | Natural Gas | LNG

Texas natural gas prices drift lower, despite Permian Basin production freeze-offs

Energy | Energy Transition | Oil

Fuel for Thought: Alaska officials hit the road to make the case for oil, gas investment

US EIA revises crude price forecast higher amid tightened fundamental outlooks


Brent 2021 price forecast revised up to $52.75/b

WTI to average $49.75/b in 2021

OPEC 2021 output to average at 27.2 million b/d

New York — The US Energy Information Administration revised its crude price forecast higher in its in its monthly Short-Term Energy Outlook released Jan. 12 amid tightened supply outlooks and upward-trending demand projections.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The EIA now expects Brent crude prices to average at around $52.75/b in 2021, up $4.25/b from its December forecast, and at $53.42/b in 2022, and the WTI spot price to average at around $49.75/b in 2021, up $4/b from its most recent report, and at $49.79/b in 2022.

The upward revision comes amid a tighter global supply outlook. OPEC production is now expected to average at 27.2 million in 2021, EIA said, a downward revision of 300,000 b/d from its December forecast.

RELATED: Crude oil hits 11-month highs as US dollar rally falters

Saudi Arabia announced at the end of the Jan. 5 OPEC+ meeting that it would voluntarily slash its February and March crude production by 1 million b/d. The extra cuts will more than offset modest quota increases granted to Russia and Kazakhstan and sets the stage for a tighten crude supply picture in the first quarter, EIA said.

OPEC production is forecast to rise 1.1 million b/d in 2022, EIA said.

Global demand is expected to trend higher as COVID-19 vaccine rollouts allow for a gradual resumption of pre-pandemic travel patterns.

Global liquid fuels consumption averaged at 92.2 million b/d in 2020, EIA said, down from 101.2 million b/d in 2019. Demand is expected to climb 5.6 million b/d in 2021 and a further 3.3 million b/d in 2022, EIA said.

The pace of the demand recovery is dependent on the effectiveness of vaccine distribution programs worldwide, and demand is not expected to reach pre-pandemic levels until early 2022, EIA said.

EIA held its 2021 US crude production forecast steady at 11.1 million, and said 2022 production would average at 11.5 million b/d.