EIA sees Brent oil prices rebounding to $76/barrel in 2017

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Brent oil prices increase as consumption continues to grow

Brent oil prices
According to the Energy Information Administration, Brent oil prices should increase as emerging economies in Asia, the Middle East and Africa expand.  Apache photo.

May 11 (Reuters) – Brent oil prices should rebound in the next year to about $76 a barrel as consumption continues to increase in coming years, a key U.S. energy agency said on Wednesday.

The U.S. Energy Information Administration anticipates increased growth in fuel consumption, largely through growth in emerging economies in Asia, the Middle East and Africa, it said in an international outlook for the energy market.

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This is the first EIA International Energy Outlook report since September 2014. The EIA said that due to the glut of supply, it expects the spread between U.S. crude and Brent to remain between $0 and $10 a barrel.

The EIA said it expects liquids production to grow by 30.5 million barrels/day by 2040. It said world GDP growth should average 3.3 percent in the next 25 years, largely due to stronger economic growth in emerging nations.

(Reporting By David Gaffen; Editing by Chizu Nomiyama)

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