US EIA Released Latest Brent Crude Oil Price Forecast

SEATTLE (Oil Monster): The U.S. Energy Information Administration (EIA) has released its latest Brent oil price forecast for 2023 and 2024, in its October 2023 Short Term Energy Outlook (STEO) report.

According to the report, EIA expects Brent spot price to average at $84.09 per barrel this year and $94.91 per barrel next year. This compares with the projection of average Brent spot price at $84.46 per barrel in 2023 and $88.22 per barrel in 2024 in the STEO report published a month before.

The EIA projects the spot price to average at $90.65 per barrel in Q4 2023, $94.64 per barrel in Q1 2024, $96 per barrel in Q2 2024, $95 per barrel in Q3 next year and $94 per barrel in the final quarter of 2024.

The latest STEO noted that Brent crude oil spot price witnessed significant surge during much of the past month, prior to falling below $90 per barrel during the first week of the current month. The price surge was mainly triggered by Saudi Arabia’s decision to extend its voluntary oil production cuts through the end of the year. The fall of U.S. commercial crude oil inventories to the lowest level since early 2022 too contributed to the increased oil prices in September, it noted.