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$83 per barrel
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- 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
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Oct 15, 2024 · Oil prices are forecast to average $80/bbl in the last quarter of 2024. October 15, 2024. There could be a sustained geopolitical premium in crude prices until tensions resolve, according to J.P. Morgan Commodities Research. What is the outlook for oil prices? What are the immediate factors affecting the oil market? Key takeaways.
Jan 11, 2023 · In our January 2023 Short-Term Energy Outlook, we forecast the Brent crude oil price (the global benchmark) will rise from an average $81 per barrel (b) in December 2022 to average $83/b in the first quarter of 2023 (1Q23).
Dec 29, 2023 · Crude futures lost over 10% in 2023 in a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world.
- Nicole Jao
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.
- 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.
Jul 13, 2023 · Highlights. Global oil demand is projected to climb by 2.2 mb/d in 2023 to reach 102.1 mb/d, a new record. However, persistent macroeconomic headwinds, apparent in a deepening manufacturing slump, have led us to revise our 2023 growth estimate lower for the first time this year, by 220 kb/d.
May 22, 2023 · We lowered our crude oil price forecast for the rest of 2023 and for 2024 in our May Short-Term Energy Outlook (STEO) because of relatively rapid declines in the crude oil price since April. Between April 12, 2023, and May 4, 2023, the Brent crude oil price fell $16 per barrel (b) to $73/b; the West Texas Intermediate crude oil price fell $15/b ...
