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Global Oil Supply for 2024 revised Down: EIA Short Term Energy Outlook

OIL

The EIA Short Term Energy Outlook has revised its estimate for global oil supply in 2024 to 102.19m b/d, down from 102.55m b/d in November’s report.

  • OPEC supply for 2024 has been revised to 33.11m b/d, compared to 33.24m b/d in November, down 0.4%
  • US crude oil production has been revised down to 13.11m b/d in 2024, down 0.3% on the previous estimate from November’s report of 13.15m b/d. Production in 2023 is forecast to be 12.93m b/d.
  • Brent prices for 2023 have been revised to $82.57/b in 2024 and $82.4/b in 2023. November’s estimate for brent in 2024 was $93.24/b.
  • WTI’s average price for 2024 has been revised to $78.07/b.
  • WTI’s price for 2023 is set for $77.63/b, down 2.2% on November’s estimate of $79.41/b.
  • “We forecast the Brent crude oil spot price will increase from an average of $78 per barrel (b) in December to an average of $84/b in the first half of 2024, partly driven by recently announced OPEC+ production cuts,” the EIA said.

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