The U.S. Energy Information Administration’s Brent spot average price forecast for 2021 has jumped to $68.78 per barrel. The U.S. Energy Information Administration’s (EIA) Brent spot average price forecast for 2021 has jumped to $68.78 per barrel, the organization’s July short term energy outlook (STEO) has revealed. In its June STEO, the EIA saw the Brent spot price averaging $65.19 per barrel in 2021. The EIA’s latest STEO sees the Brent spot price averaging $66.64 per barrel in 2022, which marks a $6.15 per barrel increase compared to its previous STEO. “In the coming months, we expect that global oil production, largely from OPEC+ members (OPEC and partner nonmember countries), will increase by more than global oil consumption,” the EIA stated in its July STEO. “We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices […]