US Department of Energy raised forecasts for oil production in the country in 2020

Compared with the June estimate, the forecast for average oil production in the country for the current year increased by 70 thousand barrels per day, up to 11.63 million, and in 2021 - by 170 thousand barrels, up to 11.01 million barrels per day.

According to RIA Novosti, this follows from the monthly short-term forecast of the Ministry of Energy Information Management (EIA).

In June, the Ministry of Energy, by contrast, lowered production forecasts for these years.

Earlier, Stanislav Mitrakhovich, a leading expert at the National Energy Security Fund, a lecturer at the Financial University under the Government of Russia, assessed the prospects for oil prices. In an interview with FBA “Economics Today”, he said that there are a lot of factors of influence that can constantly change.