WEEKLY ENERGY RECAP: April 9, 2021RIYADH: On the week’s closing, oil prices deteriorated and made the first weekly drop in three weeks. The Brent crude oil price dropped to $62.95 per barrel, while still trading in the narrow range between $61 and $65 for more than three weeks. EIA forecasts Brent crude price to average $62.28 per barrel in 2021 and $60.49 per barrel in 2022. EIA forecasted global oil demand to average 97.7 million bpd in 2021, which is higher by 5.5 million barrels per day from the 2020 global oil demand average. EIA has lowered its forecast for the US oil production to average 11.04 million bpd this year, while last month EIA’s STEO forecast was 11.15 million bpd.

Source: Libya Today April 10, 2021 10:18 UTC