OPEC's recent plan to cut oil production by 1.2 million bpd by the end of the year led the U.S. Energy Information Administration (EIA) to raise its oil price forecast for 2023 by 2.5%.
Still, U.S. household gasoline costs are expected to be lower this year than last year.
The EIA's short-term energy outlook for April released on Tuesday showed that the spot price of international benchmark Brent crude oil is expected to average $85 per barrel in 2023, up $3 from its March forecast.
