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US Department of Energy lowers forecast for Brent oil price to $83.99 per barrel

According to the department, the Palestinian-Israeli conflict has yet to have an influence on the physical oil market

MOSCOW, November 7. /TASS/. The US Department of Energy slightly lowered its forecast for the price of Brent oil in 2023 to $83.99 per barrel compared to $84.09 in the previous forecast, according to a report from the Ministry's Energy Information Administration.

According to the agency, Brent prices will remain around $90 per barrel in the Q4 of 2023, before rising to an average of $93 per barrel in 2024. WTI oil is expected to cost $79.41 per barrel in 2023 and $89.24 per barrel in 2024.

According to the department, the Palestinian-Israeli conflict has yet to have an influence on the physical oil market. However, the US Department of Energy believes that the conflict and other variables in the global oil market will put upward pressure on prices in the coming months.

In addition, the US Department of Energy lowered the forecast for daily oil production in the country in 2023 by 20,000 barrels to 12.9 mln barrels per day (bpd), which is 990,000 bpd more than in 2022. Expected production volumes in 2024 reach 13.15 bpd (+30,000 bpd against the previous estimate).