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Brent crude oil price forecast to average $72 per barrel in the second half of 2021 - Today in Energy - U S Energy Information Administration (EIA)
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Growing global production limits crude oil price increases in the most recent forecast - Today in Energy - U S Energy Information Administration (EIA)
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As energy use surges with a rebounding economy, coal is making a nominal comeback in electricity generation as utilities adjust to costlier natural gas, the U.S. Energy Information Administration reported Tuesday from Washington.
Crude oil prices stayed at a relatively high $65 a barrel as demand rose in areas where COVID-19 is retreating, like the United States, and yet falling in areas like India, where the virus is now rampant.
The EIA s short-term energy outlook for May says that America s gross domestic product, down 3.5% in 2020 compared with the year before, will surge 6.2% this year and 4.3% in 2022. The EIA s forecast assumes continuing economic growth and continued easing of pandemic restrictions on commerce.
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Before the pandemic it seems like most interviews for television broadcast were done in person in the studio. Now, most interviews are done via Skype or some other teleconferencing application. We accept that as perfectly normal now.
Don’t get me wrong. There are still advantages to meeting in person. Even as oil demand plunged last year, I did expect a significant rebound as the economy began to open up. I just didn’t expect it to rebound to pre-pandemic levels for at least a few years.
Voluntary OPEC production cuts have been contributing to reduced U.S. crude oil imports from OPEC so far in 2021. Comparatively stable U.S. crude oil imports from Canada, however, have been mostly the result of longer-term trends. Between 2005 and 2020, U.S. crude oil imports from OPEC members decreased rapidly, but imports from non-OPEC members remained relatively high. In particular, U.S. crude oil imports from Canada more than doubled to average 3.6 million b/d in 2020, which was more than the combined total of crude oil imports from all other countries.
Because of increased domestic production of light crude oil, U.S. imports of medium and light crude oils have decreased while U.S. imports of heavier crude oils have remained comparatively stable. This trend has resulted in declining crude oil imports from OPEC member countries because OPEC has historically exported medium and light crude oil grades to the United States. In contrast, imports from Canada and other non-OPEC coun
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