The Energy Information Administration raised its price outlook for Brent crude to $41 per barrel for the second half of 2020—this is $4 per barrel higher than the EIA’s forecast last month. In its Short-Term Energy Outlook (STEs expectation that global oil inventories will continue to decline in the second half of the year and throughout next year. “EIA expects high inventory levels and surplus crude oil production capacity will limit upward price pressures in the coming months, but as inventories decline into 2021, those upward price pressures will increase,” the EIA said in a summary of its monthly report. Specifically, the EIA is forecasting that global liquid fuel inventories will rise at a rate of 6.7 million bpd in H1 2020, and then decline at a rate of 3.3 million bpd in H2 2020. Finally, in 2021, the EIA expects that inventories will decline further by 1.1 million […]