The US Department of Energy raised its forecast for the price of Brent oil in 2023 to $84.46
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The US Department of Energy raised the average forecast for the price of Brent oil for 2023 from $82.62 per barrel. up to $84.46 per barrel, should from an Energy Information Administration (EIA) report.
The ministry also raised its forecast for the price of this brand in the third and fourth quarters. This quarter it will reach $86.9 per barrel. (2.8%). The Ministry of Energy raised its forecast for the price of Brent in the fourth quarter by 5.7% to $92.68 per barrel. The American ministry expects the price of this brand to reach $88.22 per barrel in 2024.
The forecast for WTI has also been increased. At the end of 2023, its cost will be $77.79 (+2.4%), and in 2024 $83.22 per barrel. (+2.2%). As in the case of Brent, the Ministry of Energy more significantly increased its forecast for its price in the fourth quarter – by 6.1% – to $87.68 per barrel. In the third quarter, the price of WTI is forecast at $81.48 per barrel.
“The decline in global oil inventories in the coming months supports the Brent price in our forecast. The price will drop to an average of $87 per barrel. by the second half of 2024 as we expect global oil inventories to rise during this period,” the report said.
In the September OPEC report left the forecast for global oil demand in 2023 remains unchanged, which will grow by 2.4 million barrels per day (up to 102.1 million barrels per day) and by 2.2 million barrels per day in 2024 (up to 104 .3 million barrels/day).
In early September, Deputy Prime Minister Alexander Novak announced that Russia would extend the voluntary reduction in oil exports by 300,000 barrels per day until the end of December 2023. Saudi Arabia also announced on September 5 that it would extend the voluntary reduction by 1 million barrels per day , which came into force in July, until the end of the year.
On September 12, the price of Brent during trading exceeded $92 per barrel. for November futures, and WTI – $89 per barrel.
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