IEA revises up 2022 average oil price assumption to $79.40 a barrel

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Published: Nov 16, 2021, 11:43 UTC

LONDON (Reuters) - The International Energy Agency (IEA) on Tuesday upped its assumption for the 2022 average Brent crude oil price to $79.40 a barrel and $71.50 a barrel this year.

A worker collects a crude oil sample at an oil well operated by Venezuela's state oil company PDVSA in Morichal

LONDON (Reuters) – The International Energy Agency (IEA) on Tuesday upped its assumption for the 2022 average Brent crude oil price to $79.40 a barrel and $71.50 a barrel this year.

“We publish our price assumptions when we think that this can be useful for the understanding of our forecast,” the IEA said in a statement to Reuters.

“As current prices are getting more elevated, they start to have a significant effect on demand,” it added.

(Reporting By Noah Browning; Editing by Jon Boyle)

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