The US Department of Energy Slightly Lowered Its Brent Price Forecast For 2024
The department believes that it will be $82.49 per barrel.
The US Department of Energy lowered its forecast for the price of Brent crude oil in 2024 by less than $0.1 compared to the previous forecast – to $82.49 from $82.57 per barrel, according to a report from the ministry’s Energy Information Administration (EIA).
In 2025, the Brent price is expected to reach $79 per barrel.
The US Department of Energy also admits that by March 2024, oil prices could rise to $85 per barrel amid a decline in global oil reserves. According to the ministry, oil production cuts by OPEC+ countries by 2.2 million bpd, calculated for the first quarter of 2024, could lead to the release of 0.8 million bpd of oil from strategic reserves.
The price of WTI oil is projected at $77.99 per barrel in 2024 and $74.98 per barrel in 2025.
In addition, the US Department of Energy raised the forecast for daily oil production in the country in 2024 by 100 thousand barrels – to 13.21 million barrels per day (b/d). The expected oil production volumes in the country in 2025 are 13.44 million bpd.
