The US Energy Information Administration raised its forecast for oil prices in 2023 and 2024, and also strengthened its estimates for US crude production.
And the Short-Term Energy Outlook report for April 2023 – issued today, Tuesday (April 11), showed that the average price of West Texas Intermediate crude oil may reach $ 79.24 a barrel during 2023, an increase of 2.8% over the March estimate of $ 77.10. .
The EIA also raised its forecast for Brent crude prices to $85.01 per barrel this year (2023), up 2.5% from previous estimates, according to the report seen by the Energy Research Unit.
Oil price forecasts in 2024
Next year (2024), the Energy Information Administration raised its estimate for the US crude price by 5.1%, to be likely to reach $75.21 per barrel.
Brent crude prices are expected to average $81.21 per barrel over the next year, representing an increase of 4.7% over last month’s forecast, according to the report.
In the past year (2022), Brent and West Texas Intermediate crude prices averaged $100.94 and $94.91 per barrel, respectively.
And in early April 2023, 9 countries from the OPEC + coalition, led by Saudi Arabia, announced a voluntary cut in oil production, by a total of 1.657 million barrels per day, starting from next May until the end of 2023.
This is in addition to the production cuts by the coalition by two million barrels per day, which are scheduled from November 2022 until the end of December 2023.
US oil production
Average oil production in the United States is likely to rise to 12.54 million barrels per day in 2023, an increase of 0.8% from the previous estimate of 12.44 million barrels per day.
The Energy Information Administration also raised its estimates for the average US oil production by about 1% over the next year, to be expected to reach 12.75 million barrels per day.
It is estimated that the average oil production in the United States reached 11.88 million barrels per day during the past year, compared to 11.15 million in the previous year (2021), according to the data, which was followed by the Energy Research Unit.
The following graphic shows crude oil production in the United States on a monthly basis from the beginning of 2019 until January 2023:
OPEC production and the world
The Energy Information Administration expects OPEC crude oil production to average 28.26 million barrels per day this year, compared to previous estimates of 28.66 million barrels per day, and compared to 28.67 million in 2022.
Oil production in OPEC is likely to reach 29.19 million barrels per day next year, down from 29.31 million barrels per day previously estimated.
On the other hand, world production of oil and other liquids is expected to reach 101.30 million barrels per day during the current year, down by 0.2% from previous estimates.
In 2024, the Energy Information Administration expects world production of oil and other liquids to reach 103.25 million barrels per day, compared to 103.02 million in previous expectations.
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