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1. • • 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

     Short-Term Energy Outlook - U.S. Energy Information ...

2. People also ask

   Why did oil prices fall 4% on Tuesday?

   • Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring prices. OPEC cut its oil demand outlook and delayed production boosts, while US production hits record highs.

   Oil Prices Fall to Lowest Level Since 2021 on Demand Concerns - Markets

   markets.businessinsider.com/news/commodities/oil-prices-outlook-supply-demand-break-down-record-us-production-2024-9

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   Why did oil prices drop in August?

   • The rapid decline in global oil demand growth in recent months, led by China, has fuelled a sharp sell-off in oil markets. Brent crude oil futures have plunged from a high of more than $82/bbl in early August to a near three-year low at just below $70/bbl on 11 September, despite hefty supply losses in Libya and continued crude oil inventory draws.

   Oil Market Report - September 2024 – Analysis - IEA

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

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   What happens when oil prices fall?

   • When oil prices fall, many costs for industry and agriculture, including chemicals and fertilizer, generally follow. And shipping becomes more economical. But when they rise sharply, as they did in 2008 and in the 1970s, they tend to increase other prices and suppress the overall economy. And political fallout often ensues.

   As Oil Falls Below $90, Where Do Prices Go From Here? - The New York …

   www.nytimes.com/2022/08/15/business/energy-environment/oil-prices.html

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   Is crude oil demand going down?

   • In the near term, as far as the demand for crude oil markets, it’s been a little different. Last month imports fell by about 10% from the month prior, and there’s been a year-over-year drop of 9.3%. You’re seeing crude oil demand into China going down.

   Oil prices have been falling for seven weeks straight. Here’s why - CNN

   www.cnn.com/2023/12/11/investing/premarket-stocks-oil-gas-prices/index.html

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3. www.cnn.com › 2023/12/11 › investingOil prices have been falling for seven weeks straight. Here’s why

   www.cnn.com › 2023/12/11 › investing

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   Dec 11, 2023 · US oil prices notched their seventh straight week of declines on Friday, marking their longest losing streak in five years.

   • Author: Nicole Goodkind

4. www.reuters.com › business › energyOil prices slide 3% on prospect of more OPEC+ oil | Reuters

   www.reuters.com › business › energy

   3 days ago · Brent crude futures were down $1.89, or 2.57%, to $71.57 a barrel, while U.S. West Texas Intermediate crude fell $1.83 cents, or 2.63%, to $67.86 per barrel as of 0740 GMT. Saudi Arabia is ...

5. markets.businessinsider.com › news › commoditiesOil Prices Fall to Lowest Level Since 2021 on Demand Concerns ...

   markets.businessinsider.com › news › commodities

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   Sep 10, 2024 · Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring...

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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 · Reported monthly data covering 80% of global oil demand during the first half of 2024 confirm the steep decline in the rate of growth in oil consumption, which we have been projecting since our first forecast for 2024 was published in June 2023. Demand rose by 800 kb/d year-on-year over the first half of the year, dramatically lower than the ...

8. oilprice.com › Energy › Oil-PricesOil Price News | OilPrice.com

   oilprice.com › Energy › Oil-Prices

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   Sep 13, 2024 · Crude oil price analysis and research that covers crude oil futures and oil price forecasts. We also look at events that cause oil price movements.

9. www.reuters.com › business › energyOil hits four-month low as OPEC+ decision fails to allay ...

   www.reuters.com › business › energy

   Jun 3, 2024 · NEW YORK, June 3 (Reuters) - Oil prices tumbled by $3 a barrel on Monday to their lowest in nearly four months, as investors worried that a complicated OPEC+ output decision could lead to...

10. www.nytimes.com › oil-pricesAs Oil Falls Below $90, Where Do Prices Go From Here? - The ...

    www.nytimes.com › oil-prices

    Aug 15, 2022 · A growing number of energy investors are skeptical about the future of oil-based transportation and say prices over the long term will come down.