The U.S. Department of Energy has sharply raised its forecast for the price of Brent crude oil for both 2024 and 2025 due to the extension of production restrictions by OPEC+ countries. According to a new report by the Energy Information Administration (EIA), in 2024, the forecast for the price of Brent crude oil has been raised from $82.42/bbl to $87/bbl.
“As OPEC+ continues to cut oil production, we have lowered our 2024 global oil production growth forecast. The lower growth contributes to a significant reduction in global oil inventories in our forecast for the second quarter of 2024,” the report says.
The oil price forecast for 2025 has been raised from $79.48/bbl to $84.8/bbl.
