OIL PRICES 2023-24: $84 - $95
U.S. EIA - Oct. 11, 2023 - SHORT-TERM ENERGY OUTLOOK
Forecast overview
OPEC+ production. Beginning this month, our Short-Term Energy Outlook (STEO) OPEC crude oil production table will feature a new OPEC+ crude oil production forecast. The estimate includes combined crude oil production from the 10 members of OPEC subject to production targets (OPEC-10), as well as all non-OPEC crude oil production within the OPEC+ group. We expect OPEC+ members will decrease their crude oil production by 0.3 million barrels per day (b/d) in 2024 compared with this year.
Global oil markets. Global oil inventories in our forecast fall by 0.2 million b/d in the second half of 2023 (2H23) because a voluntary production cut from Saudi Arabia and reduced production targets among OPEC+ countries keep global oil production below global oil consumption. As a result, we expect upward pressure on crude oil prices, with the Brent spot price increasing to average $95 per barrel (b) in 2024.
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