U.S. Department of Energy Expects Oil Prices to Remain at $72 a Barrel Until November

The Energy Information Administration of the US Department of Energy expected oil prices to remain at the level of $72 a barrel until next November, according to the administration’s monthly report.

The administration lowered its forecast for Brent oil prices in 2022 to $66 a barrel.

The Ministry of Energy also expected that the production of “OPEC” countries of oil until the end of this year will be lower than the limit set according to the oil deal for the “OPEC +” countries, by one million barrels per day during the third quarter of the year and by 0.3 million barrels per day in the last quarter of it.

The Ministry of Energy indicated that it is awaiting a new meeting of the “OPEC +” countries next December, when it is expected to make amendments to its plan to reduce oil production.

The US Department expected that the average production of “OPEC” of oil in the immediate half of 2021 will reach 27.6 million barrels per day, or 0.6 million barrels per day less than it had previously forecast.