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EIA STEO Forecasts 90-100$/bbl With High Volatility in 2023

OIL

EIA STEO estimated that crude oil prices will generally remain near August average levels to the end of 2023.

  • They expect crude between 90$/bbl and 100$/bbl next year but with the possibility for significant volatility.
  • Risks include the potential further production cuts by OPEC, conflict in Libya, the end of the US SPR release in November, the potential Iran deal, and the current hurricane season.
  • The report showed a world liquid fuels surplus for the balance of 2022 but deficit in early 2023.

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