U.S. Energy Information Administration recently reduced its forecast price for Brent crude oil for next year. EIA said Dec. 12 it expects the Brent price to be $83 per barrel next year – down from last month’s estimate of $93 per barrel. EIA said it expects the Brent crude oil price in first half 2024 to be $84 per barrel – up from an average of $78 per barrel in December “driven partly by recently announced OPEC+ production cuts.”
EIA said it expects global liquid fuels production to increase by 600,000 b/d in 2024 – slowing from growth of 1.6 million b/d in 2023. Global liquid fuels consumption in the EIA forecast increases by 1.8 million b/d in 2023 and by 1.3 million b/d in 2024. And EIA expects net exports of U.S. crude oil and petroleum products to reach a record of almost 2 million b/d in 2024 – up from about 1.8 million b/d this year and 1.2 million b/d in 2022.