US Department of Energy lowers Brent oil price forecast for 2023 to $83.1 per barrel
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The Energy Information Administration of the US Department of Energy lowered its forecast for the price of Brent oil for 2023 to $83.1 from $92.36 per barrel, for 2024 – $77.57 per barrel. This follows from the monthly short-term management forecast data (.pdf).
The agency also adjusted the average Brent oil price for 2022 to $100.94 per barrel. Thus, a barrel of Brent is expected to be 18% cheaper in 2023 than in 2021.
The price of WTI crude oil is projected at $77.18 per barrel in 2023, and at $71.57 per barrel in 2024. The forecast for daily oil production in the United States in 2023 was raised by 70,000 barrels to 12.41 million bpd, and in 2024 to 12.81 million bpd. The authors of the forecast expect that the US will account for 40% of the total growth in oil production in the world in 2023, and 60% in 2024.
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