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The US Department of Energy allows the price of Brent oil to rise to $173 by 2050

The US Department of Energy has published an annual energy forecast with different options for oil price growth. In the "high price scenario", the price of a barrel of Brent is expected to reach $173 by 2050. The baseline scenario assumes an increase to $95, and the "low price scenario" — $48.

The Ministry of Energy expects slower growth in oil prices in the short and medium-term than expected in the 2020 report. This is due to the difficult economic situation. In the baseline scenario, U.S. oil production will return to 2019 levels by 2023. The indicator depends on the growth of oil prices. If they will grow faster, and the production of "follow the trend".

A barrel of Brent crude on the London ICE exchange is trading at $58.7. On February 2, it exceeded $58 for the first time in a year. Prices are rising against the background of weak supply growth under the OPEC + deal. The growth is supported by the expansion of coronavirus and cold vaccination in the Americas and Asia.

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