The US-based Energy Information Administration has raised its oil price forecasts for both 2021 and 2022 as petrol consumption rises and global inventories shrink.
The EIA – which is responsible for providing inventory data to avoid market shocks – provided forecasts for 2021 and 2022 in its April short-term energy outlook, for both Brent crude, the European benchmark oil price, and West Texas Intermediate (WTI), the US benchmark.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.