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1. • • Current forecasts indicate moderate and stable oil prices with commercial inventories, additional supply, and high OPEC spare production capacity expected to limit price increases. However, unforeseen geopolitical, market disruption, and policy events could quickly change the 2021 outlook.
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     Oil Markets and Prices in 2021: Demand, Supply, and Policy ...

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   What is the outlook for oil prices in 2021?

   • Current forecasts indicate moderate and stable oil prices with commercial inventories, additional supply, and high OPEC spare production capacity expected to limit price increases. However, unforeseen geopolitical, market disruption, and policy events could quickly change the 2021 outlook.

   Oil Markets and Prices in 2021: Demand, Supply, and Policy Uncertainties

   crsreports.congress.gov/product/pdf/IN/IN11574/2

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   Why did crude oil prices increase in 2021?

   • Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply.

   Crude oil prices increased in 2021 as global crude oil demand outpaced

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   How much will WTI oil cost in July 2021?

   • WTI crude prices are forecast in the July STEO to average $71/b in 3Q21, $6/b higher than in the June STEO. The July STEO expects WTI prices to be $68/b in 4Q21, up $7/b from the June forecast. The Brent crude oil price averaged $73/b in June 2021, up $5/b from May.

   Brent crude oil price forecast to average $72 per barrel in the second

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   What uncertainties affect oil and petroleum price forecasts for 2021?

   • Numerous uncertainties affect oil and petroleum price forecasts for 2021. Current forecasts indicate moderate and stable oil prices with commercial inventories, additional supply, and high OPEC spare production capacity expected to limit price increases.

   Oil Markets and Prices in 2021: Demand, Supply, and Policy Uncertainties

   crsreports.congress.gov/product/pdf/IN/IN11574/2

   See all results for this question

3. www3.eia.gov › energyexplained › oil-and-petroleumOil prices and outlook - U.S. Energy Information ...

   www3.eia.gov › energyexplained › oil-and-petroleum

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   Aug 16, 2023 · OPEC includes countries with some of the world's largest oil reserves. At the beginning of 2021, OPEC members controlled about 72% of total world proved crude oil reserves (plus lease condensate), and they accounted for 37% of total world crude oil production in 2021.

4. www.eia.gov › todayinenergy › detailCrude oil prices increased in 2021 as global crude oil demand ...

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   Jan 4, 2022 · Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply. The spot price of Brent crude oil, a global benchmark, started the year at $50 per barrel (b) and increased to a high of $86/b in ...

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6. www.eia.gov › outlooks › steoShort-Term Energy Outlook - U.S. Energy Information ...

   www.eia.gov › outlooks › steo

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   Jun 11, 2024 · We forecast that global oil inventories will begin increasing at an average of 0.4 million b/d in 2Q25 and will increase by 0.6 million b/d in the second half of 2025. As a result, we expect oil prices will increase to an average of $87/b in 4Q24 and $88/b in 1Q25.

7. crsreports.congress.gov › product › pdfOil Markets and Prices in 2021: Demand, Supply, and Policy ...

   crsreports.congress.gov › product › pdf

   Jan 13, 2021 · Numerous uncertainties affect oil and petroleum price forecasts for 2021. Current forecasts indicate moderate and stable oil prices with commercial inventories, additional supply, and high OPEC spare

8. prod.iea.org › reports › oil-market-report-november-2021Oil Market Report - November 2021 – Analysis - IEA

   prod.iea.org › reports › oil-market-report-november-2021

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   US output is rising amid stronger oil prices. World oil supply is set to rise 1.5 mb/d over November and December, with the US providing 400 kb/d of the gain. Saudi and Russia combined would account for 330 kb/d in line with OPEC+ targets. Total oil supply had already leapt 1.4 mb/d m-o-m in October after the US rebounded from Hurricane Ida.

9. www.eia.gov › todayinenergy › detailBrent crude oil price forecast to average $72 per barrel in ...

   www.eia.gov › todayinenergy › detail

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   Jul 8, 2021 · In the July Short-Term Energy Outlook (STEO), we forecast the Brent crude oil price will average $72 per barrel (b) in the second half of 2021 (2H21) and $67/b in 2022, both $6/b higher than in the June STEO forecast.

10. www.iea.org › reports › oil-market-report-september-2021Oil Market Report - September 2021 – Analysis - IEA

    www.iea.org › reports › oil-market-report-september-2021

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    Sep 14, 2021 · Prices fell on average in August, trading in a wide $8-9/bbl range, and the forward price curve flattened substantially. The drop reflects concerns about economic growth, inflation prospects and weaker oil demand linked to rising Covid infections.