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 ...
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 the...
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...
The EIA now forecasts Brent crude oil spot prices to average about $85/bbl in 2023, up over $2/bbl from last month’s forecast. WTI crude prices are expected to average $79.24/bbl this year, up from March’s forecast of $77.10/bbl. “The higher price forecast reflects a forecast...
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 ...
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...
"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...
“We forecast that global oil inventories will begin building in 2022, driven by rising production from OPEC+ countries and the United States and slowing growth in global oil demand,” the EIA wrote. “We expect this shift will put downward pressure on the Brent price, which will average $72...
Not everyone is this gloomy on oil, however. For starters, the EIA itself noted that its forecast was compiled before the federal government slapped the latest sanctions on the Russian oil industry. These sanctions are widely seen as potentially curbing Russian oil exports, and as a result boost...
Other key takeaways from the January 2023 STEO forecast include: U.S. gasoline prices are largely tied to crude oil, and EIA expects significant price decreases at the pump compared with 2022. EIA forecasts U.S. gasoline prices to average around $3.30 per gallon in 2023 and $3.10 per gall...