• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 2 days China's aggression is changing the nature of sovereignty.
  • 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 2 days Ukrainian Maidan after 8 years
  • 3 days OPEC+ Expects Large Oil Glut In Early 2022
  • 2 days Delta variant in European Union
  • 2 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 13 hours Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 3 days Forecasts for Natural Gas
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 4 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 17 hours Сryptocurrency predictions
  • 3 days NordStream2
  • 3 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
Goldman Remains Bullish On Oil Despite OPEC+ Decision

Goldman Remains Bullish On Oil Despite OPEC+ Decision

Goldman Sachs commodity analysts remain…

The Real Reason Why OPEC+ Won’t Open The Taps

The Real Reason Why OPEC+ Won’t Open The Taps

While the Biden Administration has…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

EIA Sees Brent Oil Price Falling To Average $72 In 2022

  • EIA: Crude oil prices are set to decline next year from the current levels of around $80
  • EIA: Global inventories will start to build again with supply rising more than demand

Crude oil prices are set to decline next year from the current levels of around $80 a barrel as global inventories will start to build again with supply rising more than demand, the U.S. Energy Information Administration (EIA) said on Thursday.

Brent Crude prices are set to average $72 per barrel next year, due to the expected surplus on the market on the back of rising production from the United States and the OPEC+ group.

According to EIA’s latest monthly Short-Term Energy Outlook (STEO), global crude oil demand will exceed global supply through the end of this year, contribute to some additional inventory draws, and keep Brent Crude prices above $80 per barrel through December 2021. Global oil consumption exceeded crude oil production for five consecutive quarters, starting in the third quarter of 2020, the EIA said. Oil stocks in the OECD countries have fallen by 424 million barrels since then.

However, next year will see the beginning of stock builds, which will pressure prices downwards, the U.S. administration said.

Earlier this week, the International Energy Agency (IEA) said that early signs showed that OECD oil stocks had already started to build in October.

After hitting a six-year low in September, commercial oil stocks in OECD countries showed a marginal build in October, suggesting that the months of hefty inventory draws globally may be over, the IEA said on Tuesday in its closely watched Oil Market Report for November.

OECD total industry stocks plunged by 51 million barrels in September, with crude oil and middle distillate accounting for most of the declines. Europe led the stock drawdowns in September when total OECD industry stocks stood at 2.762 billion barrels, which was 250 million barrels below the five-year average and the lowest level since the start of 2015, the IEA said.

However, preliminary data and satellite observations of stock changes in October point to a marginal stock build and suggest the tide might be turning, the agency said.

“The world oil market remains tight by all measures, but a reprieve from the price rally could be on the horizon,” the IEA said this week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Wendel Fartor on November 19 2021 said:
    They’ve been consistently wrong. Opinions and projections are meaningless. Last year we were told oil would never go above $25 again because of EVs, a move away from fossil fuels and low demand. They were totally wrong. Now we are over $80 and $100 and upwards being the reality. The future of oil is greater than its ever been.
  • Andrew Jackson on November 20 2021 said:
    I don't have an opinion on where the price is going but, given all the spins and censorship elsewhere, I wouldn't trust the EIA (government) to be truthful in their predictions.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News