The EIA has lowered its Brent spot average price forecasts. The U.S. Energy Information Administration (EIA) has lowered its Brent spot average price forecasts for 2021 and 2022, the organization’s December short term energy outlook (STEO) report has revealed. The EIA now sees Brent spot prices averaging $70.60 per barrel in 2021 and $70.05 per barrel in 2022, according to its latest STEO. Its previous STEO, released in November, saw Brent spot prices averaging $71.59 per barrel in 2021 and $71.91 per barrel in 2022. In its latest STEO, the EIA highlighted that Brent crude oil spot prices averaged $81 per barrel in November, which it noted was a $3 per barrel decrease from October 2021 but a $38 per barrel increase from November 2020. “Crude oil prices have risen over the past year as result of steady draws on global oil inventories, which averaged 1.4 million barrels per […]