Global oil prices have fallen to their lowest level since May 2021. However, the US Department of Energy predicts that prices will return to their previous level by September.
“We expect continued storage withdrawals around the world to push prices back above $80 a barrel this month.” — reports the U.S. Department of Energy Information Administration (EIA) in its short-term energy outlook.
The agency forecasts that more oil will be withdrawn from reserves in the fourth quarter than previously expected because OPEC+ announced it would delay increasing production until December.
“Production growth was supposed to start in October. Although market concerns about economic growth and oil demand, especially in China, have increased, leading to a drop in oil prices, OPEC+ production cuts mean that the world is producing less oil than the EIA consumes.
Brent crude prices are expected to average $82 in the fourth quarter and $84 in 2025.
In June, oil prices reached $85, but in the first half of September they dropped to $70. Yesterday, September 10, they reached $69. This is the lowest price since May 2021. Experts noted EADaily that the situation may be related to the US presidential election and the wave of information from Western news agencies, which constantly report on the weakening of the economies of China and the United States.
OPEC+ countries had planned to gradually increase production from October, but have postponed this by two months due to falling prices.
