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1. www.jpmorgan.com › commodities › oil-price-forecastThe Forecast for Oil Prices | J.P. Morgan Research

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   2 days ago · In addition, global oil inventories are much lower today, currently standing at 4.4 billion barrels — the lowest on record since January 2017. Overall, J.P. Morgan Commodities Research forecasts Brent could average $80/bbl in the fourth quarter of 2024 and $75/bbl in 2025, declining to the low $60s by end-2025.

2. www.eia.gov › energyexplained › oil-and-petroleumOil prices and outlook - U.S. Energy Information ...

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   Factors that affect oil prices such as hurricanes and extreme weather, political events, and OPEC oil production targets and spare crude oil production capacity.

3. Videos

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

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     Oil prices will come down with incremental supply from U.S. and Canada in Q4, says Citi's Ed Morse

     Aug 7, 2023

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     Oil prices will continue to see pressure into 2024: Lipow Oil Associates

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

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   EIA forecasts crude oil prices will increase through 2024 as demand rises above supply. tags: STEO consumption/demand crude oil liquid fuels oil/petroleum prices + production/supply.

5. www.theglobeandmail.com › business › article-globalGlobal oil demand to peak by end of the decade as countries ...

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   1 day ago · Like oil, demand for coal and natural gas will also peak before 2030, but the IEA stressed that trends vary across countries that are at different stages of energy and economic development.

6. www2.deloitte.com › content › damEnergy, oil, and gas price forecast - Deloitte United States

   www2.deloitte.com › content › dam

   The base forecast for both oil and gas is based on NYMEX futures in US dollars. Crude oil and natural gas forecasts are based on yearly variable factors, weighted to a higher percent for the current data and then reflect a higher percent to prior year historical data for the later years.

7. www.economist.com › leaders › 2024/10/10How high could the oil price go? - The Economist

   www.economist.com › leaders › 2024/10/10

   6 days ago · On October 7th it reached $81 a barrel, before falling. Two and a half years ago Russia’s invasion of Ukraine sent oil prices surging beyond $120, as the West imposed sanctions on Russia and ...

8. People also ask

   Will crude oil prices remain near their 2023 average?

   • We forecast average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because we expect that global supply and demand for petroleum liquids will be relatively balanced over the next two years.

   EIA expects relatively flat crude oil prices in 2024 and 2025

   www.eia.gov/todayinenergy/detail.php?id=61222

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   Will global oil consumption increase in 2024?

   • We forecast global petroleum consumption to increase by 1.4 million b/d in 2024 and 1.2 million b/d in 2025, both of which are slightly less than the 10-year pre-pandemic average (2010–19). For a more detailed analysis on our crude oil price forecast and the drivers of it, see our January Between the Lines.

   EIA expects relatively flat crude oil prices in 2024 and 2025

   www.eia.gov/todayinenergy/detail.php?id=61222

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   How much will Brent crude oil cost in 2024?

   • We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in 2025, compared with its 2023 average of $82/b. We expect that the price of West Texas Intermediate (WTI) will be slightly lower but generally follow the same path.

   EIA expects relatively flat crude oil prices in 2024 and 2025

   www.eia.gov/todayinenergy/detail.php?id=61222

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   Will US crude oil production increase to new records in 2023 & 2024?

   • US crude oil production is expected to reach new records in 2023 and 2024. Increasing renewables are likely to reduce coal and natural gas generation over the next two years.

   Analysis & Projections - U.S. Energy Information Administration (EIA)

   www.eia.gov/analysis/

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   What will OPEC+ crude oil production look like in 2024?

   • We forecast OPEC+ crude oil production will drop from 37.1 million b/d in 2023 to 36.4 million b/d in 2024. In 2025, we expect OPEC+ crude oil production to increase, averaging 37.2 million b/d. These values do not include Angola, which left OPEC in January 2024.

   EIA expects relatively flat crude oil prices in 2024 and 2025

   www.eia.gov/todayinenergy/detail.php?id=61222

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   Why did OPEC cut oil prices in 2024?

   • Determined to keep oil prices steady, OPEC+ members agreed in March to extend output cuts of 2.2 MMbbl/d into the second quarter of 2024. Russia concurrently announced voluntary production and export cuts of 471 Mbbl/d through the end of June. This move is aimed at mitigating current economic uncertainty and fostering market stability.

   Energy, oil, and gas price forecast - Drought conditions pose a

   www2.deloitte.com/content/dam/Deloitte/ca/Documents/resource-evaluation-and-advisory/ca-energy-oil-and-gas-price-forecast-q1-en-final-aoda.pdf

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9. www.eia.gov › todayinenergy › detailEIA expects relatively flat crude oil prices in 2024 and 2025

   www.eia.gov › todayinenergy › detail

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   Jan 10, 2024 · We forecast average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because we expect that global supply and demand for petroleum liquids will be relatively balanced over the next two years.