EIA Sharply Raises Forecast for Oil Price and Global Oil Demand for 2023 and 2024                                           

The EIA raised its forecast for oil prices and demand for 2023 and 2024 in its short-term energy outlook report.

WTI crude oil price is expected to be $74.60/barrel in 2023, up from previously expected $73.62/barrel; WTI crude oil price is expected to be $78.51/barrel in 2024, up from previously expected $69.47/barrel.

The price of Brent oil is forecast at $79.54/barrel in 2023, up from previously expected $78.65/barrel. Brent oil price in 2024 is forecast at $83.51/barrel, compared to the previously forecast of $74.47/barrel.

EIA raised its forecast for global crude oil demand in 2023 by 30,000 barrels per day to 1.59 million barrels per day, compared to the previous forecast of 1.56 million barrels per day.

The forecast for global crude oil demand in 2024 was lowered by 20,000 barrels per day to 1.7 million barrels per day, compared to the previous forecast of 1.72 million barrels per day.

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