UPDATE: EIA cuts 2020 average Brent oil price forecast to $33/bbl

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MOSCOW, Mar 11 (PRIME) -- The U.S. Energy Information Administration (EIA) has lowered its forecast for the average Brent oil price in 2020 to U.S. $33 per barrel from $43.3 per barrel, the EIA said on Tuesday.

The forecast for 2021 was lowered to $45.62 per barrel from $55.36 per barrel.

The forecast for the WTI crude price was lowered to $29.34 per barrel from $38.19 per barrel for 2020 and to $41.12 per barrel from $50.36 per barrel for 2021.

The EIA also lowered its outlook for the U.S. oil production in 2020 by 1.23 million barrels per day to 11.76 million barrels per day. For 2021, the forecast was reduced by 1.63 million barrels per day to 11.03 million barrels per day.

The EIA expects that global demand for oil will reduce by 5.2 million barrels per day in 2020 and will resume growth by 6.4 million barrels per day in 2021.

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