The US Department of Energy lowered its forecast for the price of a barrel of Brent for 2023 to $78.65

The US Department of Energy lowered its forecast for the cost of Brent crude in 2023 to $78.65 per barrel from $85.01 in the previous forecast, says in an Energy Information Administration (EIA) report.

The report indicated that, against the backdrop of rising demand for oil between the third quarter of 2023 and the first quarter of 2024, the price of Brent will be in the range between $75-80 per barrel. In 2024, prices are expected to decline to an average of $74.47 per barrel.

Previously, Vedomosti, citing analysts wrotethat world oil prices could rise to $90-95/bbl by the end of 2023. against the backdrop of voluntary cuts in oil production by individual OPEC+ countries, including Saudi Arabia and the UAE.

Ekaterina Krylova, Managing Expert of the PSB Analytics and Expertise Center, raised her forecast for the average price of the benchmark Brent brand in 2023 by $2.75 to $86.7/bbl. The price of Urals, in her opinion, will be in the range of $62-66/bbl. Krylova also believes that the Urals discount to Brent “will gradually narrow, but will not fall below $20/bbl.”