The U.S. Energy Information Administration adjusted its Brent crude oil price forecast for 2023, lifting the projected level to $84.46 per barrel. This update comes from the agency’s latest EIA report. Earlier figures pointed to a price near $82.62 per barrel. The agency also notes that Saudi Arabia’s plan to cut oil output by 1 million barrels per day could tighten global oil inventories, influencing prices upward across the market.
As the analysis indicates, such reduced supply could contribute to a notable rise in global fuel costs. The report suggests that Brent crude could reach about $93 per barrel in the fourth quarter of this year, with an average price around $88 per barrel anticipated for 2024.
The document also shows an upward revision in the U.S. oil production outlook for this year, with daily output estimated at 12.78 million barrels, up roughly 20,000 barrels per day from the previous estimate. Projections for next year imply a further increase of about 70,000 barrels per day, bringing expected production to around 13.16 million barrels per day.
Earlier figures had Brent crude trading above $92 per barrel on major trading platforms in Europe, reflecting market sensitivity to supply changes and global demand trends.