Energy agency projects oil price of USD 65 in 2020

The US Energy Information Agency expects an oil price of USD 65 per barrel in 2020, a decline from the average in 2018.

Photo: ritzau/Vahid Salemi/AP

The price for a barrel of North Sea oil will reach USD 65 in 2020, projects the US Energy Information Agency, EIA, in a new report. This year the price will reach USD 61 per barrel, and both projections are lower than the 2018 average of USD 71 per barrel.

Even though the oil price will remain at a lover level than in 2018, the agency expects an increase in prices in the beginning of this year compared to the level in December last year. This will happen in order to meet demand growth and to support an increased need to ensure that global oil stockpiles remain at a certain level.

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