According to the United States Energy Information Administration (EIA), global benchmark brent crude oil prices are predicted to average US$61/bbl in 2019 and US$65/bbl in 2020, which is higher than the prices recorded at the end of 2018 but lower than the 2018 overall average of US$71/bbl. As a result, regular retail gasoline prices in the United States will decline in 2019 and increase in 2020, as a US$1/bbl change in the price of crude oil generally translates in the price of petroleum products such as gasoline.
Global crude oil output is expected to increase in 2019 and 2020, especially in non-OPEC producers such as the United States, Canada, Brazil, and Russia: their oil production should increase by 2.4 mb/d in 2019, while OPEC production should dip by 1 mb/d (overall increase of 1.4 mb/d in 2019). In 2020, crude oil production should remain stable in OPEC countries and increase by 1.7 mb/d in non-OPEC regions. As for the oil demand, it is forecast to grow by 1.5 mb/d both in 2019 and 2020, with China being the leading contributor to global oil demand growth.
Besides, the EIA also reports that global petroleum and other liquid fuels inventories went up by an average ate of 0.4 mb/d in 2018. Liquid fuels production in both the US and other countries not belonging to the OPEC is forecast to contribute to global oil inventory growth rates of 0.2 mb/d in 2019 and 0.4 mb/d in 2020.