Since the third quarter of 2020, global demand for crude oil and petroleum products has outpaced supply, resulting in lower stock levels and higher crude oil prices.
According to the Energy Information Administration’s most recent forecast, Brent crude oil spot prices are expected to remain near current levels through the end of 2021. (EIA). In October, Brent crude oil spot prices averaged $84/bbl.
Brent prices are expected to average $72 in 2022, according to the EIA, as production growth from the Organization of Petroleum Exporting Countries and its allies, as well as tight oil from the US and other sources, outpaces slowing global consumption growth.
The EIA predicts that the price of Brent will fall from an average of US$84/bbl in October 2021 to US$66/bbl in December 2022 and that the price of WTI will fall from an average of US$81/bbl in October 2021 to US$62/bbl in December 2022.
Crude oil inventories in Cushing were 26.6 million barrels on November 12, according to the Weekly Petroleum Status Report, which was 49 % lower than the previous five-year average and 32 % of working storage capacity.
The International Energy Agency (IEA) reported earlier this week that early indications indicated that OECD oil stocks began to increase in October.
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