Crude oil prices forecast to increase, but remain lower than 2018 averages as global inventories build (1/24/2019)

In the January 2019 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that Brent crude oil prices will average $61 per barrel (b) in 2019 and $65/b in 2020, down from the 2018 average of $71/b (Figure 1). EIA forecasts that oil prices will remain lower than levels seen for much of 2018 because relatively strong global oil supply growth over the next two years outpaces growth in consumption. In 2019, EIA forecasts global liquid fuels production to average 101.8 million barrels per day (b/d) and consumption to average 101.5 million b/d, which would result in inventory builds. ... More »