EC forecasts Brent oil price of $102 in 2022

The European Commission (EC) forecasts the price of Brent oil at $102 per barrel in 2022 and $85 in 2023 and expects the price to drop even further to $78 by 2024.

This is stated in the EC's autumn economic forecast published on Friday, TASS reports.

"The forecast remains highly uncertain because of fundamental changes in the supply and demand system. A stronger dollar and lower demand are weighing on oil prices, but supply could also fall substantially as a result of the OPEC+ deal, which has announced production cuts since November," the document reads.