US Department of Energy raises forecast for Brent oil price

The US Department of Energy has raised its forecast for the price of Brent crude in 2021 to $53.2 from $52.7 per barrel, according to the report of the Energy Information Administration (EIA) of the US Department of Energy.

The agency expects Brent oil prices to average $56 per barrel in the first quarter of 2021, and at the end of the year, there will be a decline in fuel prices due to increased oil supply, Report informs, referring to TASS.

In 2022, the price will be set at $55.19 per barrel.

The US Department of Energy also lowered its forecast for daily oil production in the United States in 2021 to 11 million barrels (-0.9 percent). The expected production volumes in 2022 remained almost unchanged - 11.53 million barrels per day.