Search results
Fall
- EIA forecasts that oil prices will fall in 2023 and 2024. We expect that Brent crude oil prices will average $83 per barrel (b) in 2023 and $78/b in 2024, down from $101/b in 2022, mainly because we expect global oil production to outpace consumption.
www.eia.gov/outlooks/steo/report/BTL/2023/01-brentprice/article.php
People also ask
How will global oil prices change in 2023?
Will oil demand increase in 2023?
Will China's oil demand rebound in 2023?
Will world supply rise in 2023?
Benchmark crude oil prices are back below pre-war levels and refined product cracks have now come off all-time highs after rising supplies coincided with a marked slowdown in oil demand growth in advanced economies.
- Oil Market Report - December 2023 – Analysis - IEA
World oil demand is on track to rise 2.3 mb/d to 101.7 mb/d...
- Oil Market Report - September 2023 – Analysis - IEA
Non-OPEC+ supply rose by 1.9 mb/d to a record 50.5 mb/d by...
- Oil Market Report - December 2023 – Analysis - IEA
Jan 24, 2024 · The Global Energy Perspective 2023 models the outlook for demand and supply of energy commodities across a 1.5°C pathway, aligned with the Paris Agreement, and four bottom-up energy transition scenarios.
Sep 24, 2023 · Growing number of forecasts predict oil will reach $100 US this fall. Canada's inflation rate increases to 4%. Beyond elevated prices at the pumps, however, experts say higher oil prices also...
- World oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
- US oil supply growth continues to defy expectations, with output shattering the 20 mb/d mark. This, combined with record Brazilian and Guyanese production along with surging Iranian flows will lift world output by 1.8 mb/d to 101.9 mb/d in 2023.
- Russian crude export prices declined sharply in November, with Urals falling below the $60/bbl price cap on 6 December. The lower prices and a 200 kb/d drop in oil shipments pushed November export revenues for crude and products down 17% m-o-m to $15.2 billion, a level not seen since July 2023.
- Refinery margins in Europe and Singapore rebounded marginally in November, but the US Gulf Coast underperformed again, slipping for the third month running.
- World oil demand remains on track to grow by 2.2 mb/d in 2023 to 101.8 mb/d, led by resurgent Chinese consumption, jet fuel and petrochemical feedstocks.
- The extension of output cuts by Saudi Arabia and Russia through year-end will lock in a substantial market deficit through 4Q23. So far this year, OPEC+ output has fallen by 2 mb/d with overall losses tempered by sharply higher Iranian flows.
- Russian oil export revenues surged by $1.8 bn to $17.1 bn in August, as higher prices more than offset lower shipments. Led by a decline in product shipments, total Russian oil exports eased by 150 kb/d last month, to 7.2 mb/d, 570 kb/d below a year-ago.
- Refinery margins hit an eight-month high in August as refiners struggled to keep up with oil demand growth, especially for middle distillates. Product cracks and margins reached near-record levels due to unplanned outages, feedstock quality issues, supply chain bottlenecks and low stocks.
Sep 5, 2024 · EIA forecasts that oil prices will fall in 2023 and 2024. We expect that Brent crude oil prices will average $83 per barrel (b) in 2023 and $78/b in 2024, down from $101/b in 2022, mainly because we expect global oil production to outpace consumption.
Sep 14, 2023 · Oil prices climbed on Thursday to their highest this year, as expectations of tighter supply outweighed worries about weaker economic growth and rising U.S. crude inventories.
