The U.S.’ Energy Information Administration (EIA) has revised down its Brent crude oil price forecast for 2020 by $18 per barrel, according to its monthly Short-Term Energy Outlook (STEO) report for March released on Wednesday.

The international benchmark is now expected to average $43 per barrel this year, down from its previous estimate of $61 a barrel.

While Brent crude is forecast to average $37 per barrel during the second quarter of 2020, then it is anticipated to average $42 per barrel during the second half of the year.

The EIA said it forecasts Brent crude price increasing to

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