Short-Term Energy Outlook reduces crude oil price forecast based on supply (6/10/2015)

The Short-Term Energy Outlook (STEO) released on June 9 forecasts the average price for North Sea Brent crude oil in 2016 at $67 per barrel (b), $3/b lower than projected in the May STEO. The 2015 Brent forecast remained unchanged at $61/b (Figure 1). Expectations of looser global balances in the latter portion of the forecast period drove the adjustment to the price outlook. WTI prices are expected to average $5/b below Brent in both 2015 and 2016. ...