MOSCOW, December 12. /TASS/. The US Department of Energy has downgraded its outlook on the price of Brent crude oil in 2024 by more than $10 (or by 11%) compared with its previous forecast to $82.57 per barrels, according to a report by the Energy Information Administration (EIA).

In 2023, the price of oil is expected at $82.4 per barrel (-1.2% compared with the previous forecast). The US Department of Energy also projects that output cuts by OPEC+ nations will offset the declining demand, prevent an increase in global reserves and maintain prices at $80 per barrel within the next 12 months.

The WTI oil price is projected at $77.63 per barrel in 2023 and at $78.07 per barrel in 2024.