FX.co ★ EIA raises oil price forecasts for 2024

According to the latest update from the US Energy Information Administration (EIA), the Brent crude oil price forecast for 2024 has been set at $88.55 per barrel. This represents a modest $1.55 increase from their previous prediction of $87 per barrel, indicating an adjustment in line with global trends of rising values. Further, the EIA has adjusted its outlook for 2025 as well, anticipating that Brent prices will slightly decrease to $86.98 per barrel. This nuanced adjustment mirrors the expectations set by seasonal variations often observed in commodity markets. In addition to pricing forecasts, the EIA projects that US oil production will escalate to 13.21 million barrels per day in 2024, a clear sign of robust industrial capacity and strategic planning within the sector. The agency anticipates an even greater output in 2025, aiming for 13.72 million barrels per day, underscoring a confident outlook for the domestic energy production capacity. Meanwhile, Alexander Dyukov, CEO of Gazprom Neft, has presented a broader range for the 2024 oil prices, estimating them to be between $80 and $100 per barrel. This forecast reflects the inherent volatility and speculative nature of oil markets, where market players continuously adapt to evolving economic landscapes.