US Department of Energy Allows Oil Price Rises Above $ 180 By 2050
The Office also provides a baseline scenario that doesn't imply significant changes in energy legislation in the future, in which the price of oil will be $ 105 per barrel. In the case of low production costs, it may drop to $ 46 per barrel, the forecast says. Prices are quoted at 2019 rates. By 2022, US oil production will reach 14 million barrels per day, the EIA expects. According to the baseline scenario, such volumes will remain until 2045.
EIA notes that oil prices in the future will depend on the balance of the world market and the factors influencing it. In 2020, as the US Department of Energy expects, the average projected price of Brent crude oil will be $ 60 per barrel.
In early 2020, oil prices rose after the death of Iranian military leader Kassem Suleimani. On January 3, the price of Brent oil reached $ 68.86, and on January 6 it exceeded $ 70. January 27, the price of oil futures fell below $ 60 for the first time since November.