EIA Sees Brent Oil Prices Rebounding to $76 Per Barrel in 2017

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The price of Brent crude oil should rebound in the next year to about $76 a barrel as consumption continues to increase in coming years, a key US energy agency said on Wednesday.

Reuters

May 11 (Reuters) - The price of Brent crude oil should rebound in the next year to about $76 a barrel as consumption continues to increase in coming years, a key U.S. energy agency said on Wednesday.

The U.S. Energy Information Administration anticipates increased growth in fuel consumption, largely through growth in emerging economies in Asia, the Middle East and Africa, it said in an international outlook for the energy market.

This is the first EIA International Energy Outlook report since September 2014. The EIA said that due to the glut of supply, it expects the spread between U.S. crude and Brent to remain between $0 and $10 a barrel.

The EIA said it expects liquids production to grow by 30.5 million barrels/day by 2040. It said world GDP growth should average 3.3 percent in the next 25 years, largely due to stronger economic growth in emerging nations.

(Reporting By David Gaffen; Editing by Chizu Nomiyama)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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to Rudolf | May. 13, 2016
There have been always big projects coming online YoY basis and existing production declines as we go forward. Surely existing production will decline quicker due to lack of investment whilst demand will grow as it is cheaper to use oil. It is already $48.

Rudolf Huber | May. 12, 2016
No, people seem to forget that oil is a longterm play and that there are some big oil production projects scheduled to come online and spew new black goo into an already oversupplied market well into next year. Plus, the China bubble will pop. Can't see anything beyond ($)50.


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Brent Crude Oil : $47.35/BBL 3.18%
Light Crude Oil : $45.93/BBL 3.25%
Natural Gas : $2.99/MMBtu 1.01%
Updated in last 24 hours