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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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Non-OPEC+ will again drive global gains in 2024, projected at 1.2 mb/d after OPEC+ deepens its voluntary oil cuts. Russian crude export prices declined sharply in November, with Urals falling below the $60/bbl price cap on 6 December.
- Executive summary – Oil 2023 – Analysis - IEA
Benchmark crude oil prices are back below pre-war levels and...
- Oil Market Report - July 2023 – Analysis - IEA
Global oil demand is projected to climb by 2.2 mb/d in 2023...
- Executive summary – Oil 2023 – Analysis - IEA
Oil 2023 explores some of the challenges and uncertainties that lie ahead, including upstream investment, sources of new supply growth, spare capacity and shifting patterns of oil demand. It also provides insights as to how these changing dynamics will affect refining and trade flows.
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).
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.
- 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.
- World oil supply rose 480 kb/d to 101.8 mb/d in June but is set to fall sharply this month as Saudi Arabia makes a sharp 1 mb/d voluntary output cut. For 2023, global production is forecast to increase by 1.6 mb/d to 101.5 mb/d, as non-OPEC+ expands by 1.9 mb/d.
- Refinery crude throughput estimates for 2023 and 2024 have been raised by 130 kb/d and 90 kb/d, respectively, to 82.5 mb/d and 83.5 mb/d. Higher Russian crude runs and the start-up of new refining capacity underpin the revision.
- Russian oil exports fell 600 kb/d to 7.3 mb/d in June, their lowest since March 2021. Estimated export revenues plunged by $1.5 bn to $11.8 bn – nearly half the levels of a year ago.
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.
Jul 19, 2023 · We forecast higher crude oil prices in the second half of 2023 and into 2024 in our latest Short-Term Energy Outlook (STEO) because of moderate but persistent inventory drawdowns. Inventory drawdowns take place when demand for a commodity is greater than the supply of that commodity.
