EIA: US cuts forecast for global demand for oil in 2023, 2024

MOSCOW, Dec 13 (PRIME) -- The U.S. Department of Energy lowered its global oil demand forecast for 2023 and 2024 by 40,000 and 100,000 barrels per day to 101 million and 102.34 million barrels per day, respectively, as seen by PRIME from the data of the monthly short-term forecast of the department's Energy Information Administration released late on Tuesday.

OPEC+ oil production will decline by 0.6 million barrels per day in 2024 if Saudi Arabia extends additional voluntary cuts for the whole year.

The agency slightly increased the forecast of average oil production in the country at the end of 2023 by 30,000 barrels per day to 12.93 million barrels per day, lowered by 40,000 barrels per day to 13.11 million barrels per day for 2024.

The department lowered its forecast for the average price of Brent oil for 2023 to U.S. $82.4 from $83.99 per barrel and lowered its forecast for the average Brent price for 2024 to $82.57 from $93.24.

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