U.S. Energy Information Administration last week increased its forecast for annual average Brent crude oil spot price for 2024 to $94.91 per barrel – up 7.6 percent from its previous forecast Sept. 12 of $88.22. Oil prices increased in September to an average of $94 per barrel – $8 higher than in August and $19 higher than in June – after Saudi Arabia extended its voluntary crude oil production cuts through the end of the year and U.S. commercial crude oil inventories fell in late September to the lowest level since early 2022.
EIA forecast Oct. 11 that the Brent spot price will average $91 per barrel in 2023Q4 and increase to an average of $96 per barrel in second quarter of next year with downward price pressures emerging in second half of 2024.
