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US Department of Energy lowers its Brent price forecast in 2024 to $82.42

The US Department of Energy expects oil prices to rise in the coming months, but in the second quarter it expects pressure on prices due to the growth of global reserves and their decline

MOSCOW, February 6. /TASS/. The US Department of Energy slightly lowered its forecast for the price of Brent oil in 2024 to $82.42 from $82.49 per barrel, according to a report from the department’s Energy Information Administration (EIA).

In 2025, the Brent price is expected to be $79.48 per barrel ($79 per barrel according to previous forecast).

Spot Brent oil prices rose $2 per barrel in January to average $80 per barrel due to uncertainty over oil supplies amid attacks on ships in the Red Sea, the department said. This is the first increase in oil prices since September last year.

The US Department of Energy expects oil prices to rise in the coming months, but in the second quarter it expects pressure on prices due to the growth of global reserves and their decline. "However, ongoing risks of supply disruptions in the Middle East create the potential for crude oil prices to be higher than our forecast," the report says.

The OPEC+ production cut will lead to a reduction in global oil reserves in February-March, the department notes adding that after a period of relatively balanced market until the end of 2024, the market will gradually return to moderate inventory accumulation in 2025 amid slowdown in oil demand, which will be stronger than the production growth.

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Anti-Russian sanctions

US sanctions against Gazprombank leading to energy price growth in Europe — investor

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Kiev forces lose over 450 troops in Battlegroup Center responsibility area in one day

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Talk of halting Ukraine conflict related to Russia’s initiative on battlefield — SVR

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Europe resumes talks of troop deployment to Ukraine — newspaper

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Russian national Nikita Zhuravel sentenced to 14 years in prison for high treason

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Russia to develop bilateral cooperation with Afghanistan — Shoigu

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Denmark, its neighbors hold talks with China about damaged cables under Baltic Sea-report

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No existing missile defense system can counter Oreshnik — US expert

Theodore Postol also vehemently rejected suggestions that the Oreshnik system represents previous outdated developments of Moscow

West wants to use Kalinousky Regiment to destabilize Belarus — Russian intelligence chief

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Russian forces entrap Ukrainian troops near Svatovo in LPR — military expert

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Kremlin explains why Oreshnik missile came as surprise

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Ukrainian forces attempt to assassinate Novaya Kakhovka head, his deputy with drones

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Kiev has ‘no chance’ of retaking lost territories — Blackwater founder

Erik Prince noted that it was necessary to end the Ukrainian conflict as soon as possible

Ukrainian forces indiscriminately shoot Selidovo passers-by — Russian envoy

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Russian military engaged in tough battles with Ukrainians in Kharkov Region — official

"Our forces continue their coordinated efforts to liberate the Kharkov Region from the enemy," Vitaly Ganchev said

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Ukrainians have never seen the promised freedom, Viktor Medvedchuk noted

NATO spies study damage from Oreshnik at Yuzhmash — expert

Alexander Stepanov emphasized that both Kiev and its Western allies are closely scrutinizing the consequences of the strike on the plant

UK delivered dozens of Storm Shadow missiles to Kiev weeks ago — news agency

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Ukraine launches second strike on Novaya Kakhovka after emergency services arrive

According to Governor Vladimir Saldo, two vehicles have been damaged

US continues to plunder Afghanistan with impunity, says Shoigu

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Europe bracing for influx of Ukrainian troops after conflict is over — agency

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Pentagon not yet assessed damage caused by use of Russia’s newest Oreshnik missile

"When we have more to provide, we will," Deputy Press Secretary Sabrina Singh said

Zelensky shook up by Russia’s response to permission to attack it — Lavrov

According to the Russian foreign minister, the West is directly involved in the use of long-range weapons against Russia, as not a single missile could be launched without its involvement

Public tribunal releases more testimonies exposing Kiev forces' atrocities in Selidovo

According to the report, Ukrainian forces are known to have killed at least a hundred civilians

US needs Ukraine's rare earth metals, including lithium — Lavrov

The Russian foreign minister noted that American companies had already bought up most of the fertile land

Russian diplomat doesn’t rule out missile deployment in Asia as response to US’ actions

Sergey Ryabkov warned Russia’s adversaries against settling into a "false sense of security"

Ukrainian officer says 90% of fellow servicemen have no desire to fight

According to Vyacheslav Khomenko, soldiers in his platoon don’t have required combat experience

Russia gave OPCW over 30 reports proving Ukraine used banned substances, official says

Kirill Lysogorsky noted that "the Kiev regime continues to systematically use toxic chemicals and chemical riot control agents"