The European Commission Cut Its Forecast For Oil Prices In 2019-20

The European commission (EC) has revised its forecast for the average annual price of brent crude from 2019 to 2020, according to a REPORT by the European commission (EC) cited by the Baku on February 7. The European commission has lowered its estimate to $61 a barrel because of increased production from the United States and Canada. That's 24% lower than the price forecast for 2019 for fall 2018 and 20% lower than the price forecast for 2020.


In autumn 2018, the European commission expects brent to average $80.6 a barrel in 2019 and $76.7 in 2020.


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