EIA revises its forecast for oil price in 2023-2024

EIA revises its forecast for oil price in 2023-2024
# 12 April 2023 09:57 (UTC +04:00)

The U.S. Energy Information Administration (EIA) has revised its forecast for the 2023 Brent crude oil price by 2.5 percent in its April Short-Term Energy Outlook (STEO), APA-Economics reports citing greentechlead.

EIA now expects the Brent crude oil spot price to average $85 per barrel in 2023, which is $3 per barrel higher than its March forecast. However, EIA expects 2023 global production of liquid fuels, including gasoline, diesel, and jet fuel, to exceed 101 million barrels per day for the first time, despite the production cuts.

The agency also expects natural gas prices to be lower than last year, making coal less economical for electricity generation this spring.

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