EIA expects oil production to decline and oil prices to rise

The EIA (United States Energy Information Administration) has revised its forecast for the average price of Brent and WTI crude upwards. According to the agency, for the former it will be $74.95 this year, which is $4.9 more than the previous value. For the latter it is expected at $71.32 - an increase of $4.9 over the previous figure. The agency's forecast for both grades for next year is $67.5 for Brent and $63.5 for WTI. EIA also expects oil production in the United States to decline this year, averaging 11.8 million b/d (down from previous forecast). In 2023, the agency expects them to rise to 12.41 b/d. As for last year's production, the EIA expects it to be 20,000 b/d lower than its earlier forecast - the new estimate is 11.16 b/d. This year's demand forecast by the EIA is in line with the previous estimate of 100.5 b/d.