Brent crude oil prices are poised to average $86/bbl for the remainder of 2023 before falling to an average of $81 in 2024 amid rising global inventories, according to the Energy Information Administration’s (EIA) latest projections.

STEO

Downward pressure could start to emerge for the global crude benchmark in 2Q2024, when global oil inventories “will begin to build more significantly,” the agency predicted in its latest Short-Term Energy Outlook (STEO), published Tuesday.

However, “uncertainty in the forecast for this period comes from less oil production than we forecast, which could result in higher prices than in our forecast,” researchers said.

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