One of the main events of the previous week was a new forecast on the average price of Brent crude.

The Energy Information Administration of the US Energy Ministry (EIA) raised the forecast for the average price of North Sea oil Brent in 2018 to $ 62.39 per barrel, according to the monthly short-term EIA forecast. In 2019, the agency predicts the average price of Brent crude at $ 61.51 per barrel. The EIA's forecast for the average price for WTI oil for 2018 was also raised to $ 58.28 from $ 55.33 per barrel in the January forecast. In 2019, the agency predicts the average value of the brand at 57.51 dollars.

EIA also raised the forecast estimate of oil production in the US in 2018 to another historic record - 10.6 million barrels per day. In January the department also expected a record volume of 10.3 million barrels. The previous record for production was established in 1970 - 9.6 million barrels per day. In 2019, the EIA predicts production in the US at 11.2 million barrels.

EIA has informed on oil production in the USA. According to preliminary estimates, the average daily oil production in the US reached a historic high of 10.17 million barrels per day in January, having increased by almost 100,000 barrels per day in December. More accurate production data management reports in its monthly report with a difference of two months. The adjusted indicator for January will be known on March 31. According to the latest monthly EIA report published last week, oil production in the US in November last year for the first time since October 1970 exceeded 10 million barrels per day, reaching 10.038 million barrels per day.

In addition, the main trend of the week was the decline in world oil prices. The cost of futures for Brent fell below $ 65 a barrel for the first time since December last year, investors continue to win back forecasts of a record increase in production of this raw material in the US.
According to the Ministry of Energy of the country, commercial oil reserves in the US (excluding the strategic reserve) for the week ended February 2, increased by 1.9 million barrels, or 0.5% - to 420.3 million barrels. Oil production in the US for the week, according to the ministry, also increased - by 3.3%, or by 332 thousand barrels per day, to 10.251 million barrels per day.

Traders also responded to reports of the launch of the Forties pipeline, which was closed on Wednesday due to the closure of the valve at one of the sections of the pipeline in Scotland. Earlier, the pipeline was closed due to a breakdown in mid-December. FPS pipelines transport raw materials from 85 fields in the central and northern parts of the North Sea, as well as from several deposits in Norway from approximately 40 companies. The FPS capacity is 575,000 barrels of oil per day.
Pressure on quotes had the words of Iran's Deputy Oil Minister Amir Hossein Zamaniniya on Thursday that Iran plans to increase oil production in the next four years by about 700,000 barrels a day - up to 4.7 million barrels per day.

 

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