MOSCOW, August 8. /TASS/. The US Department of Energy raised its forecast for the cost of Brent crude in 2023 by almost 4% to $82.62 per barrel from $79.34 in the previous forecast, according to a report from the Energy Information Administration (EIA) of the department.

The Department of Energy also expects Saudi Arabia's voluntary cut of oil production by 1 million barrels per day (bpd), along with rising demand, to continue pushing oil prices higher until the end of the year.

According to the report, the price of Brent in November and December will increase to $88 per barrel, and in 2024 price will average $86 per barrel.

The price of WTI crude oil is expected at $77.79 per barrel in 2023 and $81.48 per barrel in 2024.

The US Department of Energy expects that world oil production will increase by 1.4 million bpd in 2023 and by 1.7 million bpd in 2024, mainly due to non-OPEC countries (USA, Norway, Canada, Brazil and Guyana). In 2023, production growth in non-OPEC countries may reach 2.1 million bpd, but it will be offset by a reduction in production in OPEC countries.

The US Department of Energy also raised the forecast for daily oil production in the country in 2023 by 200,000 barrels up to 12.76 million bpd, which is 870,000 bpd more than in 2022. The expected production volumes in 2024 are 13.09 million bpd (+230,000 bpd to the previous estimate).