The US Energy Information Administration revised its crude price forecast higher in its monthly Short-Term Energy Outlook released Feb. 9 amid tightened first quarter supply outlooks. The EIA now expects Brent crude prices to average around $53.20/b in 2021, up 45 cents/b from its January forecast, and at $55.19/b in 2022, and the WTI spot price to average around $50.21/b in 2021, up 46 cents/b from its most recent report, and at $51.56/b in 2022. The upward revision is due to higher prices in January, the EIA said, which in turn are the result of Saudi Arabia announcing Jan. 5 that it would unilaterally cut production by 1 million b/d in February and March. Quota compliance for the broader OPEC+ group climbed to 101% in January from 98.5% the month prior, an S&P Global […]