Between 2012 and 2022, the Brent crude oil spot price averaged $74 per barrel, reaching a 10 year low of $42 per barrel in 2020. However, since 2020, the Brent crude oil spot price has increased by 141% to $101 per barrel in 2022. The U.S. Energy Information Administration (EIA) Short-Term Energy Outlook expects global oil production to continue to outpace demand, leading to high global oil inventories through 2024. As a result the EIA report estimates the Brent spot price will average $85/b in the first half of 2023.
For additional information, please review the U.S. Energy Information Administration, Annual Energy Outlook 2022 (AEO2022)
Submitted by: Eric Romich, OSU Extension Field Specialist, Energy Education