EIA Short-Term Energy Outlook: Brent At $53 In 2017, $56 In 2018 06/15/17 •lweb.es/f2863 •bit.ly/2sNdWEI
Inventory draws expected in the second and third quarters of 2017 suggest the possibility of increases in oil prices over the coming months. However, because U.S. tight oil production is relatively responsive to price changes, higher oil prices in mid-2017 have the potential to raise U.S. supply in 2018. The largest global inventory increase may occur in the second quarter of 2018, when Brazilian and OPEC production are expected to increase by 570,000 b/d and 220,000 b/d, respectively. Supply growth in 2018 could contribute to downward pressure in oil prices as early as late 2017.