EIA sees a brighter future for crude oil markets

 

EIA forecast

The EIA, US Energy Information Administration, in its latest report depicts an optimistic picture about the future of the crude oil market.

It certainly has helped the oil markets to keep up the momentum despite emerging challenges on many fronts.

The resurgence of the Coronavirus pandemic is still a main concern, especially in Europe and India, the world’s third largest consumer of the crude oil.

While making matters worse, the chasm between Saudi Arabia, the world’s largest crude oil exporter, and India is growing at an alarming speed with tit-for-tat moves in the offing.

The EIA sees the arrival of more crude oil from the OPEC+ as an encouraging sign in order to meet the growing demand across the world.

All in all, it sees a stable crude oil market with the price of oil revolving around $60, which helps producers get their feet back on the ground, having suffered from years of low oil prices.

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