The EIA, US Energy Information Administration, in
its latest report depicts an optimistic picture about the future of the crude
oil market.
It certainly has helped the oil markets to keep up
the momentum despite emerging challenges on many fronts.
The resurgence of the Coronavirus pandemic is still
a main concern, especially in Europe and India, the world’s third largest
consumer of the crude oil.
While making matters worse, the chasm between Saudi
Arabia, the world’s largest crude oil exporter, and India is growing at an
alarming speed with tit-for-tat moves in the offing.
The EIA sees the arrival of more crude oil from the
OPEC+ as an encouraging sign in order to meet the growing demand across the
world.
All in all, it sees a stable crude oil market with
the price of oil revolving around $60, which helps producers get their feet
back on the ground, having suffered from years of low oil prices.
