The US Department of Energy raised its Brent oil price forecast for 2022 from $82.87 p/b. To $105.22 p/b, follows from the data of the monthly forecast of the department's Energy Information Administration (EIA), Interfax reports.
The agency also raised its estimate for Brent for 2023 from $68.48 p/b. Up to $88.98 p/b.
Brent spot prices averaged $97 p/b in February, up $11 from January, according to the ministry. The pressure on the price of oil, first of all, was caused by market anxiety against the backdrop of the armed conflict in Ukraine.
The agency predicts that in March the average price for Brent will be $117 p/b. According to EIA estimates, in the second quarter, the average cost of a barrel of Brent will be $116, and in the second half of 2022 - $102.
“We expect the average price to fall to $89 p/b in 2023. However, this price forecast is highly uncertain. Actual price results will depend on the extent to which existing sanctions imposed on Russia, as well as potential future sanctions, will affect production oil in Russia or the sale of Russian oil on the world market», the report says.
At the same time, the ministry maintains the forecast for an increase in world oil reserves by 0.5 million barrels per day from the second quarter of 2022, but notes that in the event of a slowdown, Brent prices may be higher than predicted.
