As the recent discovery of the Covid-19 Omicron variant has renewed concerns about a potential decline in consumption, Brent crude oil spot prices are set to average $71/bbl in December and $73 through the first quarter of 2022, according to updated projections from the Energy Information Administration (EIA).

In an updated forecast published Tuesday as part of the December edition of the EIA’s Short-Term Energy Outlook, the agency predicted an average Brent spot price of $70 for 2022 overall.

Next year production growth is predicted to outpace global consumption, “especially in light of renewed concerns about Covid-19 variants,” researchers said.

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