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The U.S. Energy Information Administration's (EIA) forecasts North Sea Brent crude oil price to average $38 a barrel in 2016 compared to a previously forecasted $40. In 2017, EIA forecasts Brent price to average $50, unchanged from the EIA’s last month’s forecasts.

Forecast West Texas Intermediate (WTI) crude oil prices are expected to average the same as Brent in both years, according to the EIA’s Short-Term Energy Outlook (STEO).

Brent prices averaged $31 a barrel in January, a $7 a barrel decrease from December and the lowest monthly average price since December 2003, according to the EIA’s estimates.

EIA’s estimates show that Brent prices averaged $52 a barrel in 2015, down $47 a barrel from the average in 2014.

Growth in global liquids inventories, which averaged 1.8 million barrels per day in 2015, continues to put downward pressure on Brent prices, the EIA said.

EIA estimates that the U.S. crude oil production averaged 9.4 million barrels per day in 2015 and it is forecast to average 8.7 million barrels per day in 2016 and 8.5 million barrels per day in 2017.

EIA estimates that crude oil production in January was 70,000 barrels per day below the December level, which was 9.2 million barrels per day.

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