The US Energy Information Administration raised its forecast for oil prices in 2023, and also strengthened its estimates for US crude production.
And the Short-Term Energy Outlook report for February 2023 – issued today, Tuesday (February 7) – showed that the average price of West Texas Intermediate crude oil may reach $ 77.84 per barrel during 2023, compared to $ 77.18 in January estimates, an increase of 0.9. %.
Next year (2024), the Energy Information Administration kept its forecasts for Brent and West Texas crude unchanged at $77.57 and $71.57 a barrel, respectively, according to the report seen by the Energy Research Unit.
Oil prices in 2023
The Energy Information Administration has strengthened its estimates of oil price expectations in 2023. As for the price of Brent crude, it may rise by 0.6% to reach the level of $83.63 per barrel during the current year, compared to $88.10 per barrel in the previous forecast.
In the past year (2022), it is estimated that Brent crude recorded a level of $ 100.94 per barrel, while US crude reached $ 94.91 per barrel.
It should be noted that the average prices of Brent and West Texas crude oil reached $70.89 and $68.21 per barrel, respectively, during 2021.
US oil production
Average oil production in the United States is expected to rise to 12.49 million barrels per day in 2023, an increase of 0.6% from the previous estimate of 12.41 million.
While the Energy Information Administration reduced its estimates of the average US oil production in 2024 by about 1.2%, to be likely to reach 12.65 million barrels per day.
While it is estimated that oil production in the United States has reached 11.90 million barrels per day during the past year, according to the data, whose details were seen by the Energy Research Unit.
The chart below shows crude oil production in the United States on a monthly basis between 2019 and 2023:
OPEC production and the world
The Energy Information Administration expects average OPEC production of crude oil to decline to 28.66 million barrels per day in the current year, compared to previous estimates of 28.87 million barrels per day, and compared to 28.67 million in 2022.
OPEC oil production is likely to reach 29.31 million barrels per day next year, down from the 29.51 million barrels per day forecast last month.
On the other hand, world production of oil and other liquids is expected to reach 101.10 million barrels per day this year, unchanged from previous expectations, and compared to 99.95 million last year.
In 2024, world production of oil and other liquids is likely to reach 102.61 million barrels per day, compared to 102.83 million in previous expectations.
Leave a Reply