US Department of Energy lowers its Brent oil price forecast for 2023 to $82.95 per barrel

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

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.

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