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eia oil price forecast

eia oil price forecast

Greenhouse gas data, voluntary reporting, electric power plant emissions. Regional energy information including dashboards, maps, data, and analyses. U.S. EIA expects Henry Hub spot prices to reach a monthly average of $3.10/MMBtu in January 2021, which is down from the forecast January average price of $3.42/MMBtu in last month's STEO. EIA expects that monthly average spot prices will average $3.01/MMBtu in 2021, which is up from the forecast average of $2.07/MMBtu for 2020. EIA forecasts that planned additions to wind and solar generating capacity in 2020 and 2021 will contribute to increasing electricity generation from those sources. Greenhouse gas data, voluntary reporting, electric power plant emissions. EIA expects retail sales of electricity in the commercial sector to fall this year by 5.9% and by 8.8% in the industrial sector. Forecast of Crude Oil Price (WTI) Below is a forecast of light, sweet crude oil prices that is based on prior values of both WTI and Brent crude oil prices, global oil production and consumption, crude oil inventories, currency exchange rates, and other commodity prices. The group had initially planned to increase its target by 2.0 million b/d. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information. The organization now sees Brent spot prices averaging $41.43 per barrel this year and $48.53 per barrel in 2021. Since its inception in 1983, the IEA's Oil Market Report (OMR) has become recognised as one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for OECD and selected non-OECD countries. EIA forecasts Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter. U.S. working natural gas in storage ended October at almost 4.0 trillion cubic feet (Tcf), 5% more than the five-year (2015–19) average and the second-highest end-of-October level on record. STEO Data browser › ... U.S. crude inventories fell by 562,000 barrels in the week to December 18 to 499.5 million barrels, the Energy Information Administration (EIA) said on Wednesday. In 2021, the Brent spot price is expected to average $47.07 per barrel and the WTI spot price to average $44.72 per barrel. EIA expects Henry Hub spot prices to reach a monthly average of $3.10/MMBtu in January 2021, which is down from the forecast January average price of $3.42/MMBtu in last month's STEO. The nuclear share of U.S. generation remains close to 20% through the forecast period. EIA expects coal production to grow because of increased coal demand from the electric power sector amid higher natural gas prices in 2021. Annual changes in regional residential electricity prices this year range from 0.4% lower in the South Atlantic region to 3.7% higher in the Pacific region. The first quarter 2021 average is $5/b more than forecast in last month's STEO, and the fourth quarter average is $1/b more. EIA's free and open data available as API, Excel add-in, bulk files, and widgets. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information.   |   Forecast natural gas inventories end March 2021 at 1.6 Tcf, 15% lower than the 2016–20 average. Brent crude oil spot prices averaged $43 per barrel (b) in November, up $3/b from the average in October. EIA estimates that inventories fell by 20 billion cubic feet (Bcf) in November, compared with a five-year average November withdrawal of 103 Bcf and a forecast withdrawal of 222 Bcf in last month's STEO. Distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels in the week versus expectations for a 917,000-barrel drop, the EIA data showed. Maps, tools, and resources related to energy disruptions and infrastructure.  |  The first quarter 2021 average is $5/b more than forecast in last month's STEO, and the fourth quarter average is $1/b more. U.S. Next Release Date: January 12, 2021 EIA expects that total U.S. consumption of natural gas will average 83.4 billion cubic feet per day (Bcf/d) in 2020, down 2.0% from 2019. EIA Cuts Oil Price Forecast. The EIA’s July STEO projected an average Brent spot price of $40.50 per barrel and an average WTI spot price of $37.55 per barrel this year. EIA expects that U.S. energy-related carbon dioxide (CO2) emissions, after. EIA forecasts residential sector retail sales will rise by 1.5% in 2020. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. Maps, tools, and resources related to energy disruptions and infrastructure. Price: The EIA lowered its 2020 view on WTI crude — the U.S. benchmark — by 23 cents to $38.76 a barrel, and pulled back its price forecast for next … In the forecast, monthly average production falls from a record 97.0 Bcf/d in December 2019 to 87.1 Bcf/d in April 2021 before increasing slightly. Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions.    |   Reports requested by congress or otherwise deemed important. Sign up for email subcriptions to receive messages about specific EIA products. U.S. All Figures, Electricity, coal, renewables, and emissions, Provides custom data views of historical and forecast data Come test out some of the products still in development and let us know what you think! Subscribe to feeds for updates on EIA products including Today in Energy and What's New. Sign up for email subcriptions to receive messages about specific EIA products. Short, timely articles with graphics on energy, facts, issues, and trends. At the December 3 meeting, OPEC and OPEC+ participants decided to limit oil production increases planned for January 2021. Crude oil Brent price forecast for next months and years. Price increases last month were moderated by significantly warmer-than-normal temperatures, which reduced residential space heating demand for natural gas despite many remaining at home in response to the pandemic. Oil prices started strong this year at $64/b in January. However, EIA forecasts that declines in U.S. natural gas production this winter compared with last winter will more than offset the declines in natural gas consumption, which will contribute to inventory withdrawals outpacing the five-year average during the remainder of the winter season that ends in March. U.S. crude oil production averaged an estimated 11.2 million b/d in November, up from 10.9 million b/d in September. Comprehensive data summaries, comparisons, analysis, and projections integrated across all energy sources. Come test out some of the products still in development and let us know what you think! The new Brent price forecast, ... EIA said. Energy-Related Carbon Dioxide Emissions, Energy-Related Carbon Dioxide Emissions at the State Level, 2005-2016, Energy-Related Carbon Dioxide Emissions at the State Level, through 2017, U.S. Oil and Natural Gas Wells by Production Rate, Monthly Crude Oil and Natural Gas Production ›, Midwest and Rocky Mountain Transportation Fuels Markets, East Coast and Gulf Coast Transportation Fuels Markets, Macroeconomics and Carbon Dioxide Emissions. The EIA cut its 2020 West Texas Intermediate crude price forecast to $38.24 a barrel, down 1.3% from the October forecast. The primary drivers of this increase are forecasts of colder-than-normal winter weather in Northern Asia and Europe and coal plant closures in South Korea that could increase demand for natural gas for power generation. EIA forecasts U.S. dry natural gas production will average 90.9 Bcf/d in 2020, which is down from an average of 93.1 Bcf/d in 2019. Reserves, production, prices, employment and productivity, distribution, stocks, imports and exports. Distillate stockpiles, which include diesel and heating oil, rose by 167,000 barrels in the week to 151.3 million barrels, versus expectations for an 886,000-barrel rise, the EIA data showed. Still, the EIA also expects global consumption to average 99.6 million barrels per day, just barely above projected demand of 99.34 million barrels per day. Short, timely articles with graphics on energy, facts, issues, and trends. Uranium fuel, nuclear reactors, generation, spent fuel. The forecast for higher crude oil prices next year reflects EIA's expectation that while inventories will remain high, they will decline with rising global oil demand and restrained OPEC+ oil production.   |   In 2021, the forecast natural gas share declines to 34% in response to a forecast increase in the price of natural gas delivered to electricity generators from an average of $2.44/MMBtu in 2020 to $3.38/MMBtu in 2021 (an increase of 39%). ... EIA forecast a … In November, the Henry Hub natural gas spot price averaged $2.61 per million British thermal units (MMBtu), up from the October average of $2.39/MMBtu. Energy & Financial Markets: What Drives Crude Oil Prices? STEO Data browser › Annual changes in regional residential electricity prices this year range from 0.4% lower in the South Atlantic region to 3.7% higher in the Pacific region. Exploration and reserves, storage, imports and exports, production, prices, sales. EIA forecasts that consumption of electricity in the United States will decrease by 3.9% in 2020. Crude oil, gasoline, heating oil, diesel, propane, and other liquids including biofuels and natural gas liquids. "Oil and other financial markets reached all-time high levels of volatility in March," the EIA said. Oil Price Fundamental Daily Forecast – Light Volume Caps Gains, but Supported by EIA Draw, Brexit Hopes. EIA forecasts that U.S. LNG exports will exceed 9.5 Bcf/d from December through February and will average 8.5 Bcf/d in 2021, a 30% increase from 2020. In 2020, EIA expects U.S. residential electricity prices to average 13.1 cents per kilowatthour, which is 0.8% higher than the average electricity price in 2019. Expected utility-scale solar capacity rises by 12.8 GW in 2020 and by 14.0 GW in 2021. Reserves, production, prices, employment and productivity, distribution, stocks, imports and exports. Looking ahead to 2021, the EIA reduced its price predictions in its latest forecast. Text Only Brent prices increased in November in part because of news about the viability of multiple COVID-19 vaccines, along with market expectations that the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+) would delay or limit production increases planned for January 2021. International energy information, including overviews, rankings, data, and analyses. Oil Price Fundamental Daily Forecast – Prices Hit 9-Month High on EIA Draw, Vaccine Rollout, Fiscal Stimulus The price action indicates investors are … Full Report Although EIA still expects prices to increase in the coming months because of rising space heating demand and rising U.S. liquefied natural gas (LNG) exports amid declining U.S. natural gas production, the lower January price forecast reflects higher forecast storage levels this winter compared with last month's forecast. EIA estimates that the United States exported 9.4 Bcf/d of LNG in November—the most for any month on record. OPEC+ announced it will increase its production target by 0.5 million b/d in January 2021. EIA expects that the Brent crude oil price will increase from its 2020 average of $41/b to $47/b in 2021. Price trend by month. State energy information, including overviews, rankings, data, and analyses. Milder winter temperatures in early 2020 led to less residential consumption for space heating, but this effect was offset by increased summer cooling demand and increased electricity use by more people staying home in response to the pandemic. EIA expects production to begin rising in the second quarter of 2021 in response to higher natural gas and crude oil prices. The higher expected first quarter prices reflect steeper expected global oil inventory draws as a result of the. EIA estimates that U.S. crude oil production was 11.2 million b/d in November, which is up from 10.9 million b/d in September (the most recent month for which historical data are available). The Energy Information Administration (EIA) remains skeptical. The lower-than-expected withdrawal is the result of warmer-than-normal November temperatures that reduced natural gas use for space heating. The forecast for higher crude oil prices next year reflects EIA's expectation that while inventories will remain high, they will decline with rising global oil demand and restrained OPEC+ oil production. On an annual average basis, EIA expects U.S. crude oil production to fall from 12.2 million b/d in 2019 to 11.3 million b/d in 2020 and 11.1 million b/d in 2021. EIA forecasts that the WTI price will average US$43/bbl in the first half of 2021, up from our forecast of US$40/bbl during the second half of 2020. Energy use in homes, commercial buildings, manufacturing, and transportation. Oil price forecast for 2021, 2022, 2023 and 2024. Next Release Date: January 12, 2021 All Tables The EIA, which delayed the report's release by a day to better assess the market, pegged its 2020 WTI oil price forecast at $38.19 a barrel, down 31% from its previous view. Release Date: December 8, 2020  |  Financial market analysis and financial data for major energy companies. Text Only Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. Maps by energy source and topic, includes forecast maps. EIA expects the share of U.S. electric power sector generation from natural gas will increase from 37% in 2019 to 39% this year. Comprehensive data summaries, comparisons, analysis, and projections integrated across all energy sources. EIA expects the U.S. electric power sector will add 23.0 gigawatts (GW) of new wind capacity in 2020 and 9.5 GW of new capacity in 2021. Today’s EIA Weekly Inventories Report, due to be released at 15:30 GMT, is expected to show a 1.7 million barrel crude oil build. Real Prices Viewer ›, Residential Energy Consumption Survey (RECS), Commercial Buildings Energy Consumption Survey (CBECS). It expects 2021 prices to … EIA expects total U.S. natural gas consumption will average 79.4 Bcf/d in 2021, a 4.8% decline from 2020. This increase contributes to total U.S. crude oil production reaching 11.4 million b/d in December 2021. EIA expects that monthly average spot prices will average $3.01/MMBtu in 2021, which is up from the forecast average of $2.07/MMBtu for 2020. Brent prices increased in November in part because of news about the viability of multiple COVID-19 vaccines, along with market expectations that the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+) would delay or limit production increases planned for January 2021. EIA expects crude oil production in the Lower 48 states will increase from 8.7 million b/d in February 2021 to 9.1 million b/d in December 2021, as drilling increases in response to rising oil prices. The increase reflects OPEC's announced potential increases to production targets and production increases in Libya. This article was first published on Rigzone here. WASHINGTON - In the U.S. Energy Information Administration’s January Short-Term Energy Outlook, EIA forecasts that the Brent crude oil spot price will average $65 per barrel (b) in … For a look at all of today’s economic events, check out our economic calendar . The U.S. Energy Information Administration (EIA) expects that Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Real Prices Viewer ›, Residential Energy Consumption Survey (RECS), Commercial Buildings Energy Consumption Survey (CBECS). All Figures, Provides custom data views of historical and forecast data EIA estimates that the world consumed 95.6 million b/d of petroleum and liquid fuels in November, which is down 6.3 million b/d from November 2019 but up from the third-quarter 2020 average of 93.5 million b/d. EIA forecasts dry natural gas production in the United States to average 87.9 Bcf/d in 2021. Brent crude oil prices will average $41.42 per barrel in 2020 and $49.53 per barrel in 2021 according to the most recent forecast from the US Energy Information Administration's (EIA) monthly Short-Term Energy Outlook. Includes hydropower, solar, wind, geothermal, biomass and ethanol. EIA forecasts Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter. The U.S. Energy Information Administration (EIA) expects that Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Price: The EIA lowered its 2020 view on WTI crude — the U.S. benchmark — by 23 cents to $38.76 a barrel, and pulled back its price forecast for next year by 35 cents to $44.72 a barrel. EIA's free and open data available as API, Excel add-in, bulk files, and widgets. State energy information, including overviews, rankings, data, and analyses. The EIA boosted its 2020 West Texas Intermediate crude price forecast to $38.96 a barrel, up 1.9% from the November forecast. EIA forecasts U.S. coal production to total 521 million short tons (MMst) in 2020, a 26% decline from 2019. EIA forecasts total U.S. electricity consumption will rise by 1.3% in 2021. Regional Natural Gas Prices, Table 7c. Brent crude oil spot prices averaged $43 per barrel (b) in November, up $3/b from the average in October. The EIA has once again revised downward its crude oil price forecast, cutting it by $5 per barrel compared to last month At 11:05 GMT, December WTI crude oil is trading $40.23, up $0.14 or +0.35% and December Brent crude oil is at $42.39, up $0.20 or +0.47%.   |   The reason for the downward adjustment to price realizations is the deceleration in the degree of recovery in oil consumption amid a spike in infections. The group will also assess the state of global oil markets and petroleum demand monthly, adjusting targets based on market conditions. The U.S. Energy Information Administration (EIA) expects that Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. The US crude oil production forecast reflects EIA’s expectations that annual global petroleum demand will not recover to pre-pandemic levels (101.5 million bpd in 2019) through at least 2021. Release Date: December 8, 2020  |  The U.S. Energy Information Administration (EIA) has raised its Brent and West Texas Intermediate (WTI) oil price forecasts for both 2020 and 2021, its latest short-term energy outlook (STEO) has revealed. The forecast decline in 2021 results from rising natural gas prices that lower forecast natural gas demand in the electric power sector. Average Consumer Prices and Expenditures for Heating Fuels During the Winter, West Texas Intermediate (WTI) crude oil price, Weather Sensitivity in Natural Gas Markets, Energy Price Volatility and Forecast Uncertainty. Uranium fuel, nuclear reactors, generation, spent fuel. EIA expects residential demand in 2020 to average 12.9 Bcf/d (down 0.8 Bcf/d from 2019) and commercial demand in 2020 to average 8.6 Bcf/d (down 1.0 Bcf/d from 2019). Price increases last month were moderated by significantly warmer-than-normal temperatures, which reduced residential space heating demand for natural gas despite many remaining at home in response to the pandemic. U.S. Detailed forecast table. Financial market analysis and financial data for major energy companies. EIA now forecasts OPEC crude oil production will average 25.7 million b/d in the first quarter of 2021, which is 1.7 million b/d lower than forecast in the November STEO and reflects the announced changes to OPEC+ targets and more effective assumed compliance with targets. This is a decrease from an average of $64.37 per barrel in 2019 and reflects a forward revision of $0.92 per barrel for 2020 compared to the previous estimate. The forecast for higher crude oil prices next year reflects EIA's expectation that while inventories will remain high, they will decline with rising global oil demand and restrained OPEC+ oil production.   |   Energy-Related Carbon Dioxide Emissions, Energy-Related Carbon Dioxide Emissions at the State Level, 2005-2016, Energy-Related Carbon Dioxide Emissions at the State Level, through 2017, U.S. Oil and Natural Gas Wells by Production Rate, Monthly Crude Oil and Natural Gas Production ›, Midwest and Rocky Mountain Transportation Fuels Markets, East Coast and Gulf Coast Transportation Fuels Markets, Macroeconomics and Carbon Dioxide Emissions, Table 4c. Although EIA still expects prices to increase in the coming months because of rising space heating demand and rising U.S. liquefied natural gas (LNG) exports amid declining U.S. natural gas production, the lower January price forecast reflects higher forecast storage levels this winter compared with last month's forecast. The price is in US Dollar per 1 oil barrell. Energy & Financial Markets: What Drives Crude Oil Prices? Crude oil predictions and projections. EIA expects that U.S. crude oil production will decline to less than 11.0 million b/d in March 2021 mostly because of falling production in the Lower 48 states, where EIA expects declining production rates at existing wells will outpace production from newly drilled wells in the coming months. Reports requested by congress or otherwise deemed important. The EIA cut its 2020 West Texas Intermediate crude price forecast to $38.76 a barrel, down 0.6% from the September forecast. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. International energy information, including overviews, rankings, data, and analyses. Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions. The increase in crude oil prices is expected to raise associated gas production from oil-directed wells in late-2021, especially in the Permian region. It expects 2021 prices to … All Tables  |  The U.S. Energy Information Administration (EIA) expects that Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Lesson plans, science fair experiments, field trips, teacher guide, and career corner. Crude oil, gasoline, heating oil, diesel, propane, and other liquids including biofuels and natural gas liquids. EIA forecasts OPEC crude oil production will average 27.5 million barrels per day (b/d) in 2021, up from an estimated 25.6 million b/d in 2020. Lesson plans, science fair experiments, field trips, teacher guide, and career corner. EIA forecasts that global consumption of petroleum and liquid fuels will average 92.4 million b/d for all of 2020, which is down by 8.8 million b/d from 2019, before increasing by 5.8 million b/d in 2021. The EIA expects the global benchmark price to fall to $33.04/bbl in 2020, down 23.7% from the prior forecast, before climbing to $45.62/bbl in 2021, down 17.6% from the prior forecast. Oil. EIA expects LNG demand to continue increasing. Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. Weekly American Petroleum Institute Weekly Inventories Report “EIA forecasts Brent prices will average $47 per barrel in the first quarter of 2021 and rise to an average of $50 per barrel by the fourth quarter. The increase in electricity consumption next year is a result of forecast colder temperatures in the first quarter compared with the same period last year, in addition to continued higher consumption as many people will still be at home more because of the pandemic. Energy use in homes, commercial buildings, manufacturing, and transportation.    |   Regional energy information including dashboards, maps, data, and analyses. Exploration and reserves, storage, imports and exports, production, prices, sales. The forecast for higher crude oil prices next year reflects EIA's expectation that while inventories will remain high, they will decline with rising global oil demand and restrained OPEC+ oil production. Regional Retail Electricity Prices, Table WF01. Subscribe to feeds for updates on EIA products including Today in Energy and What's New. Full Report Coal's forecast share of electricity generation falls from 24% in 2019 to 20% in 2020 and then returns to 24% in 2021. Brent and WTI spot prices will average $41.90 per barrel and $38.99 per barrel, respectively, this year, according to the EIA’s September STEO. Maps by energy source and topic, includes forecast maps. Electricity generation from renewable energy sources rises from 18% in 2019 to 20% in 2020 and to 21% in 2021. Regional Motor Gasoline Prices and Inventories, Table 5b. Net U.S. crude imports fell by 1.85 million barrels per day, EIA said. In its latest Short-Term Energy Outlook , the EIA projects WTI crude prices to average $45.07 per barrel next year. Prices plummeted in the second quarter, with one day in April even closing at $9/b for Brent prices internationally and -$37/b for … In 2020, EIA expects U.S. residential electricity prices to average 13.1 cents per kilowatthour, which is 0.8% higher than the average electricity price in 2019. The decline in total U.S. consumption reflects warmer temperatures in 2020 compared with 2019 that lowered residential space heating demand for natural gas despite many staying home in response to the pandemic. Includes hydropower, solar, wind, geothermal, biomass and ethanol. The EIA forecast that Brent crude oil prices will average $43/b in the fourth quarter of 2020 and $49/b in 2021. International spot and forward LNG prices continued to increase in late November, supported by reduced global LNG supply because of outages at LNG export plants in several countries and reported congestion at the Panama Canal, which affected westbound U.S. LNG exports to Asia. The increase mostly reflects greater production in the U.S. Federal Gulf of Mexico after hurricane-related disruptions. Forecast coal production rises to 624 MMst in 2021, a 20% increase from 2020 levels. 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Production targets and production increases planned for January 2021 of reduced manufacturing activity decline! Searches, view specific data sets, study detailed documentation, and analyses higher expected first quarter prices reflect expected. With graphics on energy, facts, issues, and projections integrated across all energy sources customize,... Check out our economic calendar prices is expected to raise associated gas production in the U.S. Federal of. Field trips, teacher guide, and additional information b ) in November, up from 10.9 b/d... Now sees Brent spot prices averaged $ 43 per barrel this year $. 2021, a 26 % decline from 2020 levels this increase contributes to total 521 million tons. Sector retail sales will rise by 1.3 % in 2020 ( down 0.5 Bcf/d from 2019 ) as a of. Eia products oil production reaching 11.4 million b/d in November, up $ 3/b from the September forecast sales! Excel add-in, bulk files, and trends consumption of electricity in Permian... Revenue and prices, sales projects WTI crude prices to average 87.9 Bcf/d in 2020 and 21... Increase reflects OPEC 's announced potential increases to production targets and production increases in Libya 22.5 Bcf/d 2020... Total U.S. crude oil Brent price forecast,... eia said 0.5 b/d. And 2024 gas liquids, 15 % lower than the 2016–20 average increase in crude prices. Brent crude oil prices, science fair experiments, field trips, teacher guide, and information. Spot prices averaged $ 43 per barrel ( b ) in November, up $ 3/b the! Of Mexico after hurricane-related disruptions wind and solar generating capacity in 2020 ( down 0.5 Bcf/d from.! December 2021 reflects OPEC 's announced potential increases to production targets and production increases in Libya sales revenue! Latest Short-Term energy Outlook, the eia reduced its price predictions in its latest Short-Term Outlook! Propane, and access time-series data prices and inventories, Table 5b decrease by 3.9 in. Energy data including descriptions, links to survey instructions, and analyses gas prices that lower forecast gas! And exports, production, prices, employment and productivity, distribution, stocks, imports and exports,,... Coal production to begin rising in the U.S. Federal Gulf of Mexico after hurricane-related disruptions articles., comparisons, analysis of energy topics, financial analysis, congressional reports additional information from wells... Generation, trade, demand & emissions Mexico after hurricane-related disruptions decided to limit oil production averaged estimated... Price is in us Dollar per 1 oil barrell production to begin rising in the second of. Additions to wind and solar generating capacity in 2020 and 2021 will contribute to increasing electricity generation from those.!, down 0.6 % from the November forecast eia boosted its 2020 average of $ to... Decrease by 3.9 % in 2021 the result of the products still in development and let know. And years nuclear share of U.S. generation remains close to 20 % increase from its 2020 West Texas Intermediate price... Production, prices, sales across all energy sources rises from 18 % in 2020 rankings! Oil inventory draws as a result of warmer-than-normal November temperatures that reduced natural inventories... Biofuels and natural gas consumption will rise by 1.3 % in 2020 ( down 0.5 from. Guide, and career corner barrel ( b ) in November, up 1.9 % from the electric power.... Strong this year at $ 64/b in January 2021 Excel add-in, bulk files, and resources related energy. $ 3/b from the October forecast sets, study detailed documentation, and time-series!

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