Brent crude oil prices are set to average $75/bbl in 2022, up from $71 in 2021, as the world is on track to increase its consumption of liquid fuels over the next two years, according to updated projections from the Energy Information Administration (EIA).

The world consumed 96.9 million b/d on average in 2021, a 5.0 million b/d year/year increase following the impacts of the Covid-19 pandemic in 2020, EIA said in its latest Short-Term Energy Outlook (STEO), published Tuesday. Consumption is poised to grow 3.6 million b/d this year and another 1.8 million b/d in 2023, the agency said.

While Brent prices are expected to rise in 2022, researchers said they expect the global crude benchmark to soften to $68 in 2023.

Production and inventories both rise in the latest STEO...