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1. www.eia.gov › todayinenergy › detailEIA forecasts crude oil prices will decline during 2022

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   Nov 18, 2021 · However, we forecast that global oil inventories will begin building in 2022, driven by rising production from OPEC+ countries and the United States and slowing growth in global oil demand. We expect this shift will put downward pressure on the Brent price, which will average $72/b during 2022.

2. www.eia.gov › analysisAnalysis & Projections - U.S. Energy Information ...

   www.eia.gov › analysis

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   EIA expands coverage of crude oil and natural gas production with regional forecast. Released June 12, 2024 | tags: STEO crude oil forecasts/projections liquid fuels natural gas oil/petroleum + production/supply. Report Types: Analysis, Forecast.

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4. www.eia.gov › todayinenergy › detailEIA forecasts crude oil prices will fall in 2022 and 2023

   www.eia.gov › todayinenergy › detail

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   Jan 12, 2022 · In our January 2022 Short-Term Energy Outlook (STEO), we forecast that crude oil prices will fall from 2021 levels. In the fourth quarter of 2021, the price of Brent crude oil, the international pricing benchmark, averaged $79 per barrel (b). We forecast that the price of Brent will average $75/b in 2022 and $68/b in 2023.

5. www.energy.gov › sites › defaultAnnual Energy Outlook 2022

   www.energy.gov › sites › default

   Oct 27, 2022 · • The Brent crude oil price by 2050 is $90 per barrel (b) in constant 2021 dollars (Reference case) – High Oil Price case ($170/b) and Low Oil Price case ($45/b) • Oil and natural gas supply cases – High: more accessible resources and lower extraction technology costs than the Reference case

6. www.iea.org › reports › oil-market-report-august-2022Oil Market Report - August 2022 – Analysis - IEA

   www.iea.org › reports › oil-market-report-august-2022

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   Aug 11, 2022 · In this Report, we have raised our estimates for 2022 global demand growth by 380 kb/d, to 2.1 mb/d. Gains mask relative weakness in other sectors, and a slowdown in growth from 5.1 mb/d at the start of the year to less than 100 kb/d by 4Q22. World oil demand is now forecast at 99.7 mb/d in 2022 and 101.8 mb/d in 2023.

7. www3.eia.gov › outlooks › steoShort-Term Energy Outlook

   www3.eia.gov › outlooks › steo

   production than consumption in our forecast, we expect global oil inventories will increase over the next two years. Crude oil prices. We forecast that the Brent crude oil price will average $83 per barrel (b) in 2023, down 18% from 2022, and continue to fall to $78/b in 2024 as global oil inventories build,

8. People also ask

   Will crude oil prices fall from 2021 levels?

   • In our January 2022 Short-Term Energy Outlook (STEO), we forecast that crude oil prices will fall from 2021 levels. In the fourth quarter of 2021, the price of Brent crude oil, the international pricing benchmark, averaged $79 per barrel (b). We forecast that the price of Brent will average $75/b in 2022 and $68/b in 2023.

   EIA forecasts crude oil prices will fall in 2022 and 2023

   www.eia.gov/todayinenergy/detail.php?id=50858

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   Will crude oil prices rise in 2022?

   • We forecast that global petroleum inventories will increase by 0.5 million b/d in 2022, which will put downward pressure on crude oil prices. We forecast that the price of Brent crude oil in 2022 will fall from $79/b in the first quarter to $71/b in the fourth quarter. In 2023, we expect continued inventory growth, averaging 0.6 million b/d.

   EIA forecasts crude oil prices will fall in 2022 and 2023

   www.eia.gov/todayinenergy/detail.php?id=50858

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   How much will crude oil cost in 2023?

   • We forecast that the Brent crude oil price will average $83 per barrel (b) in 2023, down 18% from 2022, and continue to fall to $78/b in 2024 as global oil inventories build, putting downward pressure on crude oil prices. Short-Term Energy Outlook January 2023 U.S. Energy Information Administration | Short-Term Energy Outlook 2

   Short-Term Energy Outlook - eia.gov

   www3.eia.gov/outlooks/steo/archives/jan23.pdf

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   How will global oil demand grow in 2022?

   • Soaring oil use for power generation and gas-to-oil switching are boosting demand. In this Report, we have raised our estimates for 2022 global demand growth by 380 kb/d, to 2.1 mb/d. Gains mask relative weakness in other sectors, and a slowdown in growth from 5.1 mb/d at the start of the year to less than 100 kb/d by 4Q22.

   Oil Market Report - August 2022 – Analysis - IEA

   www.iea.org/reports/oil-market-report-august-2022

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9. www.iea.org › reports › oil-market-report-january-2022Oil Market Report - January 2022 – Analysis - IEA

   www.iea.org › reports › oil-market-report-january-2022

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   Jan 19, 2022 · Oil output from OPEC+ could rise this year by 4.4 mb/d, resulting in reduced effective spare capacity in 2H22 of 2.6 mb/d, held primarily by Saudi Arabia and the United Arab Emirates. Non-OPEC+ growth of 1.8 mb/d in 2022 will be led by the United States. The global refining industry ended 2021 on a high note, with both runs and margins improving.