The US Department of Energy has raised its Brent price forecast for 2023 and 2024 – Kommersant
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The US Department of Energy raised its forecast for the price of Brent oil for 2023 from $82.62 to $84.46 per barrel. This follows from data Energy Information Administration (EIA).
The forecast for 2024 was raised from $86.48 to $88.22 per barrel. The average spot price of Brent in August, according to the Ministry of Energy, was $86 per barrel. In the fourth quarter, the agency predicts an increase in the cost of the variety to an average of $93 barrels.
From EIA data it follows that global oil reserves in the fourth quarter of 2023 will decrease by 0.2 million bpd. This is due to a voluntary reduction in oil production by Saudi Arabia and a decrease in Russian exports.
According to trading data from the London ICE Futures exchange, on September 12, November Brent oil futures exceeded $92 per barrel for the first time since 2017. Agency Bloombergciting an OPEC report, admitted that the global oil market could face the largest deficit since 2007.
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