EIA forecasts Brent may reach $183

The Energy Information Administration (EIA) in its Annual Energy Outlook 2020 projects the price of Brent crude oil to reach $183 per barrel by 2050. That is possible in the case of high costs and fewer easily accessible resources.

According to Reference case, which assumes that current laws and regulations are unchanged throughout the projection period, the Brent price may reach $105 per barrel.

In the Low Oil case, which assumes fewer resources and higher costs, the price may decline to $46 per barrel.

In the Reference case, U.S. crude oil production reaches 14.0 million barrels per day by 2022 and remains near this level through 2045 as tight oil development moves into less productive areas and well productivity declines.