EIA forecasts Brent price around $104 this year, $94 in 2023

ANKARA

The Brent price will average $104 per barrel in 2022 and $94 per barrel next year, according to the US Energy Information Administration (EIA) late Tuesday.

EIA said the July Short-Term Energy Outlook is subject to heightened uncertainty resulting from a variety of factors, including Russia’s ongoing war on Ukraine.

"Factors driving uncertainty about energy supply include how sanctions affect Russia’s oil production, the production decisions of OPEC+, and the rate at which U.S. oil and natural gas production rises," it explained.

According to the EIA, global oil inventories in the forecast rise by 0.8 million barrels per day this year and remain unchanged in 2023.

"We expect global consumption of liquid fuels will grow by 2.2 million barrels per day in 2022 and by 2.0 million barrels per day in 2023," it said.

EIA also said OPEC crude oil production will rise by 2.4 million barrels per day to an average of 28.7 million barrels daily this year and will further increase to 29.3 million barrels per day in 2023.

EIA said in the outlook that it expects US liquefied natural gas (LNG) exports to average 10.5 billion cubic feet per day during the second half of the year -- a 6% drop from the first half. That amount is a 14% drop in US LNG exports from EIA’s June forecast.