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1. www.eia.gov › outlooks › steoShort-Term Energy Outlook - U.S. Energy Information ...

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   Sep 5, 2024 · Crude oil prices. Despite a drop in the Brent crude oil spot price to $73 per barrel (b) on September 6, we expect ongoing withdrawals from global oil inventories will push prices back above $80/b this month.

2. www.eia.gov › outlooks › steoShort-Term Energy Outlook - U.S. Energy Information ...

   www.eia.gov › outlooks › steo

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   Sep 5, 2024 · We estimate that global oil inventories will increase by an average of 0.5 million b/d in the second half of 2025 (2H25). We forecast the Brent price will average $84/b in 2025. Recent production outages in Libya add a new source of uncertainty for crude oil prices in the coming months.

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3. Videos

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     US oil prices: Markets rally but still far from 2020 peak

     May 20, 2020

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     Oil forecasts see prices at $80-96 per barrel next year

     Dec 23, 2022

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     How U.S. oil production reached an all-time high in 2023

     Dec 28, 2023

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4. www.eia.gov › outlooks › steoShort-Term Energy Outlook - U.S. Energy Information ...

   www.eia.gov › outlooks › steo

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   Sep 5, 2024 · Brent crude oil prices in our forecast average $106/b ($2.52/gal) this summer, compared with an average of $71/b ($1.70/gal) last summer. Any difference between actual crude oil prices and our forecast would likely be reflected in retail gasoline prices.

5. www.aogr.com › web-exclusives › exclusive-storyEIA Projects Long-Range Growth For Both Oil And Gas

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   5 days ago · The U.S. Energy Information Administration’s Annual Energy Outlook 2021 predicts U.S. oil and gas supplies will bounce back to pre-COVID levels by 2023 and continue climbing through the forecast period, which ends in 2050.

6. www.investopedia.com › determining-oil-pricesWhat Determines Oil Prices? - Investopedia

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   6 days ago · The three primary factors that impact the price of oil are: Supply and demand. Oil market participants: Hedgers and speculators. Market sentiment. Supply & Demand. The concept of supply and...

7. www.iea.org › reports › oil-market-report-september-2024Oil Market Report - September 2024 – Analysis - IEA

   www.iea.org › reports › oil-market-report-september-2024

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   Sep 12, 2024 · Global observed oil stocks declined by 47.1 mb in July. The drawdown was concentrated in crude oil, NGLs and feedstocks (-75.5 mb), while oil products built to their highest level since January 2021. OECD industry stocks fell counter-seasonally by 12.3 mb in July to stand 78.5 mb below the five-year average.

8. People also ask

   Will oil prices increase in 2025?

   • We estimate that global oil inventories will increase by an average of 0.5 million b/d in the second half of 2025 (2H25). We forecast the Brent price will average $84/b in 2025. Recent production outages in Libya add a new source of uncertainty for crude oil prices in the coming months.

   Short-Term Energy Outlook - U.S. Energy Information Administration (EI…

   www.eia.gov/outlooks/steo/report/global_oil.php

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   Why did oil prices rise in 2022?

   • In most months from mid-2020 through February 2022, petroleum consumption was more than petroleum production globally, leading to declining oil stocks and causing a steady increase in the price of crude oil and retail petroleum products.

   U.S. Energy Information Administration (EIA) - Report

   www.eia.gov/outlooks/steo/report/summerfuels.php

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   What happened to Brent crude oil in 2022?

   • Brent crude oil opened the year of 2020 amidst an uptrend that began in November 2020 from $38.84 per barrel and continued the rally to $68.72 per barrel until early March 2021. Since the 2022 year opening price of $78.09 per barrel, today’s Brent crude oil price is down 9.60%. WTI crude oil is down 2.25% compared to it’s previous trading day.

   Today’s Oil Price: Brent Crude & WTI Oil Prices Today

   commodity.com/energy/oil/price/

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   How much oil will the United States produce in 2022 & 2023?

   • EIA reports that U.S. oil production fell from more than 13.0 MMbbl/d in March 2020 to 10.9 MMbbl/d in February 2021, and says it expects output to continue to slip before bottoming out later this year. From that future low point, the agency’s forecast would require the country to add some 2.3 MMbbl/d-2.5 MMbbl/d over the course of 2022 and 2023.

   EIA Projects Long-Range Growth For Both Oil And Gas

   www.aogr.com/web-exclusives/exclusive-story/eia-projects-long-range-growth-for-both-oil-and-gas

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9. commodity.com › energy › oilToday’s Oil Price: Brent Crude & WTI Oil Prices Today

   commodity.com › energy › oil

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   1 day ago · Today’s WTI crude oil spot price of $70.75 per barrel is up 1.65% compared to one week ago at $ 69.60 per barrel. WTI crude oil also opened 2021 with an uptrend at $48.27 per barrel. WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021.