The US Department of Energy has slightly reduced its forecast for the price of Brent crude oil in 2023 to $82.95 per barrel from $83.63 in the previous forecast, according to a report from the US Department of Energy's Energy Information Administration (EIA), Trend reports citing TASS.
Brent is expected to reach $77.57 per barrel in 2024, like in the department’s previous forecast. At the same time, WTI crude oil is forecasted to reach $77.1 per barrel in 2023 and $71.57 per barrel in 2024.
In addition, the US Department of Energy lowered the forecast for daily oil production in the country in 2023 by 50,000 barrels to 12.44 mln barrels per day, which is 560,000 barrels per day more than in 2022. The expected production volumes in 2024 reach 12.63 mln barrels per day, or 20,000 barrels per day less compared to the previous estimate.