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Oil prices will fall
- 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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Jul 18, 2024 · Will oil prices go down in 2024? The price of crude oil fluctuates on a daily basis. Its price can see a major drop due to various factors, including too much production, lack of storage, geopolitical conflicts, the value of the US dollar, etc.
- Cristian Cochintu
2 days ago · World oil demand is on track to expand by just shy of 900 kb/d in 2024 and close to 1 mb/d in 2025, marking a sharp slowdown on the roughly 2 mb/d seen over the 2022-2023 post-pandemic period. China underpins the deceleration in growth, accounting for around 20% of global gains both this year and next year, compared to almost 70% in 2023.
3 days ago · So, what are the oil price predictions for this year after considering all main drivers? Will oil prices go up? Oil price expectations for 2024 are skewed to the downside, with some analysts revising their forecasts downward while other analysts have kept their oil price outlook for this year unchanged.
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.
Jan 1, 2024 · Crude oil prices saw wild swings in 2023 before finishing the year down 10%, and more volatility could be ahead in 2024. The key forces driving oil markets delivered big surprises over the past...
- Thomas Greaney And Finanzen.Net
Jan 10, 2024 · We expect that crude oil prices will gradually decrease after April 2024 with minor stock builds because global production increases more than consumption. We forecast stocks will increase by 110,000 b/d from 2Q24 through 4Q24 and by 280,000 b/d in 2025.
Dec 25, 2023 · Despite the headwinds in 2024, consumers might be able to breathe a sigh of relief as oil prices are expected to remain range-bound or trend downwards as compared to 2023, Osama Rizvi writes.
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