Oil: the EIA raises 2017 price estimates

Oil: the EIA raises 2017 price estimates

Editorial Staff
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According to the latest Energy Information Administration monthly report, the average price of oil for 2017 will be $50.65/barrel. The previous estimate was $40.58

Oil supply has decreased more than expected and the Energy Information Administration (EIA), the statistical agency for the UN Department of Energy, sees a rise in the 2017 oil price estimates. In particular, according to the latest monthly outlook, from an average of $40.58 the new estimate is for $50.65. The EIA has also augmented the estimate for US production – also for 2017 – from 8.04 mb/d to 8.19 mb/d, instead maintaining the 2016 output estimate at 8.6 mb/d. In the meanwhile, the June contract for Light crude moves to $45.70/b, up by 2.4%, while the Brent raises by 3% to $46.94/b.