• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 6 hours Australian Voters Reject 'Climate Change' Politicians
  • 27 mins The Consequences: Full-Blown Trade War Will Push World Towards Recession
  • 4 hours Global Warming Making The Rich Richer
  • 3 hours Greenpeace Blocks BP HQ
  • 4 mins Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 5 hours Shale to be profitable in 2019!!!
  • 6 mins IMO2020 To scrub or not to scrub
  • 6 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 1 hour Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 12 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 16 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 16 hours Some Good News on Climate Change Maybe
  • 12 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 1 hour 6 Ways to Fight Climate Change
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

STEO: Brent To Average $70 This Year

The Energy Information Administration expects Brent crude prices this year to average US$70 a barrel, falling to US$67 a barrel in 2020, the authority said in the latest edition of its Short-Term Energy Outlook.

Both forecast figures are about US$5 higher than what the EIA had projected in the March edition of the monthly report, reflecting the steady rise in benchmark prices since March. For reference, the EIA noted the average price of Brent crude for 2018 was US$71 per barrel.

With regards to oil fundamentals, the EIA said it expected demand to exceed supply this year, with global supply falling by about 200,000 bpd. Then in 2020 this will grow by 1.9 million bpd, of which 1.5 million bpd will come from the United States. Demand, however, will rise by less. In fact, according to EIA’s forecast, it will rise by as much as U.S. production will add to global supply, at 1.5 million bpd. This year, demand will grow more slowly, at a rate of 1.4 million bpd.

Sanctions on Iran and Venezuela, according to the EIA, will pressure OPEC production by 1.7 million bpd this year compared with 2018 production rates, to an average 30.3 million bpd. In fact, the authority’s forecast suggests the combined production loss of Iran and Venezuela would be greater than 1.7 million bpd as this year higher output in some OPEC members will partially offset the declines in Venezuelan and Iranian supply, with 1.7 million bpd being the net decline in OPEC production.

Outside oil, the EIA has some good news for the renewables space. According to its latest STEO, this year renewable generation capacity—excluding hydropower—will supply 11 percent of total power output this year, up from 10 percent last year. This will rise further to 13 percent in 2020. Although the pace of growth may seem moderate, it is a steady rate.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News