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US Department of Energy Predicts Oil Price Drop

09.10.2019 y. News

The market has adapted to supply disruptions caused by incidents such as the attack on oil refineries in Saudi Arabia, the department said.

The US Energy Ministry expects oil prices to decline in the coming months. This is stated in the monthly report of the Department of Energy of the United States Office (EIA), released on Tuesday, October 8.

The EIA estimates that spot Brent crude oil prices will average $ 59 per barrel in Q4 2019 and then fall to $ 57 per barrel in Q2 2020, down $ 5 from a month ago.

“Despite recent oil supply disruptions, the EIA expects oil prices to decline in the coming months as global reserves increase in the first half of 2020,” the report said.

At the same time, the EIA estimates that prices for Brent will rise to an average of $ 62 per barrel in the second half of 2019. As a result, the projected average price in 2020 will be $ 60 per barrel, which is $ 2 per barrel below the September EIA forecast.
“The October EIA forecast recognizes a higher level of risk of disruptions to oil supplies than previously anticipated, more than offset by growing uncertainty about economic growth and demand for oil in the coming quarters, leading to a lower oil price forecast,” the report said.

Experts believe that the market has been slowly adapting to supply disruptions caused by incidents such as the recent attack on oil refineries in Saudi Arabia.

The day before it became known that the Ministry of Energy of Russia expects in the medium term for the cost of oil at $ 50 per barrel. This was stated by the head of the department Alexander Novak.

Source: korrespondent


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