The U.S.' Energy Information Administration (EIA) has revised up its oil price forecasts for 2020 by $4.50 per barrel, according to its monthly Short-Term Energy Outlook (STEO) report for January released on Wednesday.
International benchmark Brent crude is now estimated to average $65 per barrel this year, while American benchmark West Texas Intermediate (WTI) is expected to average $59.50 a barrel in 2020.
In December's STEO report, Brent was forecast to average $60.50 a barrel, and WTI was estimated to average $55 per barrel this year.
The EIA said it forecasts U.S. refinery runs will rise by 3% from 2019 to a record level of 17.5 million barrels per day (bpd) in 2020, according to its January STEO.
- U.S. crude output revised up for 2020
The EIA also revised up the U.S.' crude oil production for this year by 100,000 bpd, according to the STEO for January.
Crude oil production in the country is now estimated to average 13.3 million bpd in 2020, compared to the previous expectation of 13.2 million bpd in the STEO for December.
The U.S. surpassed Saudi Arabia, and then Russia, in November 2018 to become the world's biggest crude oil producer.
By Ovunc Kutlu