The US Department of Energy raised the forecast for the price of Brent oil for 2022 from $ 103.35/barrel to $107.37/bbl, follows from the data of the monthly forecast of the Energy Information Administration (EIA).

At the same time, the ministry maintained its Brent cost estimate for 2023 at $97.24/bbl.

“Current oil inventory levels are low, which increases the potential for price volatility. Actual price performance will largely depend on the extent to which existing sanctions imposed on Russia and potential future ones affect oil production in Russia or its sale on the world market” , the report says.

According to the EIA, the average Brent price in May was $113/bbl. To date, the agency predicts that in the second half of 2022 this variety will cost an average of $108/bbl.

Source: Turan News Agency