EIA Reports Mixed Results for Oil Prices and Inventories
The US Energy Information Administration (EIA) has said that oil prices will not average more than $80 per barrel in H2 2021, despite Saudi Arabia's recent production cut. The EIA expects non-OPEC producers to drive global liquids production to growth of 1.5 million barrels per day (bpd) in 2023 and 1.3 million bpd in 2024, limiting the upside for oil prices. The cuts, however, will result in draws in global oil inventories in each quarter between Q3 2023 and Q3 2024, the EIA reckons.