Amid continuing draws on inventories, global Brent crude oil prices are on track to average $90/bbl this month before declining later in 2022 on production growth domestically and abroad, according to updated modeling from the Energy Information Administration (EIA).

Brent crude oil spot prices rose $12 month/month to average $87 in January, EIA said in its latest monthly Short-Term Energy Outlook (STEO), published Tuesday. 

While draws on global inventories are expected to support oil prices near current levels “in the coming months,” researchers predicted downward price pressure by the middle of the year. This downward pressure will occur “as growth in oil production” — from OPEC and its allies, along with output from the United States and other non-OPEC sources —...