OPEC's recent plan to cut oil production by 1.2 million bpd by the end of the year led the U.S. Energy Information Administration (EIA) to raise its oil price forecast for 2023 by 2.5%. OPEC's recent plan to cut oil production by 1.2 million bpd by the end of th...
In its first Short-Term Energy Outlook of the year, the EIA laid out its oil price outlook for the next two years. After averaging $82/bbl in 2023, Brent is forecast to average $82/bbl in 2024 and $79/bbl in 2025 because of expectations that global supply and demand of petroleum ...
In its short-term energy outlook for May, the EIA lowered its forecast for the average price of Brent crude oil in 2023 by US$6.36/barrel to US$78.65/barrel, much lower than its forecast of US$85/barrel in April. Similarly...
EIA increased its Brent crude oil price forecast for 2022 by nearly 11% in its February STEO update. “Petroleum production has been slow to catch up with consumption, which has prevented oil prices from moderating,” said EIA Acting Administrator Steve Nalley. “Market concerns about oil product...
"However, this price forecast is highly uncertain," said the report, citing heightened levels of uncertainty resulting from a variety of factors including the Ukraine crisis. Actual price outcomes will depend on the degree to which existing sanctions imposed on Russia, any potential future sanctions...
USA EIA Reveals New Oil Price Forecast The United States Energy Information Administration (EIA) kept its Brent spot average prices for 2021 and 2022 flat month align="justify"> According to its August STEO, the EIA now sees the Brent spot price averaging $68.71 per barrel this year and $66...
EIA's October forecast recognized a higher level of oil supply disruption risk than previously assumed, more-than-offset by increasing uncertainty about economic and oil demand growth in the coming quarters, resulting in a lowered oil price forecast. ...
The U.S. Energy Information Administration (EIA) has revealed its latest Brent oil price forecast in the February edition of its short term energy outlook (STEO), which was released late Tuesday. According to the STEO, the EIA sees the Brent spot average coming in at $83.63 per barrel in...
The agency foresees global oil production rising by 1.8 million barrels a day this year and a further 1.5 million barrels a day in 2026. U.S. production is forecast at 13.5 million barrels a day this year, with growth then slowing to reach 13.6 million barrels a day in 2026. "A...
“The higher price forecast reflects a forecast for less global production in 2023 and a relatively unchanged outlook for global oil consumption,” the EIA said. Recent shakiness in the banking sector could result in lower-than-forecasted economic and oil demand growth, which could push oil ...