What was the average price of oil in 2016?

Although the annual average West Texas Intermediate (WTI) crude oil price in 2016 was $43/b—down $5/b from 2015—the WTI price ended 2016 at $53/b, $16/b higher than at the end of 2015.

Will oil prices go up in the future?

The EIA forecast that Brent crude oil prices will average $72/b in the second half of 2021 and $66/b in 2022. Prices are increasing due to higher demand as more people are vaccinated against COVID-19. OPEC is gradually increasing oil production after limiting it due to a decreased demand for oil during the pandemic.

What was the price of oil in 2016?

These very small adjustments see the oil price rebound to $105 / bbl by December 2016 (Figure 4). Every cloud appears to have a silver lining if you are an oil producer, but global oil production capacity is cut by 1 M bpd in the process.

What’s the forecast for oil prices in 2020?

EIA forecasts balances to tighten later in 2020 and expects Brent prices to rise to an average of $62/b in the second half of next year. The resulting forecast average price in 2020 is $60/b, $2/b lower than forecast in the September STEO. EIA’s October forecast recognizes a higher level of oil supply disruption risk than previously assumed,…

What are the current prices of crude oil?

Prices 2019 2020 2021 projected 2022 projected WTI Crude Oil a (dollars per barrel) 56.99 39.17 58.91 56.99 Brent Crude Oil (dollars per barrel) 64.34 41.69 62.26 60.74 Gasoline b (dollars testper gallon) 2.60 2.18 2.68 2.59

What was the price of oil in September?

Prices. Brent crude oil spot prices averaged $63 per barrel (b) in September, up $4/b from August and down $16/b from the September 2018 average. Brent spot prices began September at $61/b and increased to $68/b after attacks on major Saudi Arabian oil infrastructure disrupted the country’s crude oil production.

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