SunSirs: EIA Lowers Crude Oil Price Estimates for 2024
December 13 2023 14:02:34 SunSirs (Selena)
According to foreign sources on December 12th, the US Energy Information Administration (EIA) announced on Tuesday in its monthly short-term energy outlook report that it will lower its forecast for Brent crude oil prices in 2024
The report predicts that Brent prices will be $82.57 per barrel in 2024, compared to the previous expectation of $93.24 per barrel; The expected Brent price for 2023 is $82.40 per barrel, compared to the previous expectation of $83.99 per barrel. The report predicts that the WTI crude oil price in 2023 will be $77.63 per barrel, compared to the previous expectation of $79.41 per barrel. The expected WTI crude oil price in 2024 is $78.07 per barrel, compared to the previous expectation of $89.24 per barrel.
EIA stated that in mid-2024, OPEC's production reduction measures will boost the average spot price of Brent crude oil to $83 per barrel, while this month's average spot price of Brent crude oil is expected to be $78 per barrel.
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