EIA Forecasts Oil Prices to Fall in 2022

Forget about $100 oil, the EIA projects crude oil prices will fall to around $60/bbl by this time next year.

Hart Energy Staff
EIA Forecasts Oil Prices to Fall in 2022

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The rally seen this year in the oil markets, which included oil prices hitting a seven-year high last month, could be relatively short-lived.

Rising production from OPEC+ countries and the U.S. is set to increase global liquid fuels inventories and cause crude oil prices to fall in 2022, according to the U.S. Energy Information Administration (EIA). 

“We expect that the price of Brent will fall from an average of $84/bbl in October 2021 to $66/bbl in December 2022 and the price of WTI will fall from an average of $81/bbl in October 2021 to $62/bbl in December 2022,” the EIA wrote in a report on Nov. 18.

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