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EIA predicts 2024 oil price rise from production cuts

The US Energy Information Administration (EIA) has revised its 2024 global oil demand projection, decreasing it by 90,000 barrels per day but predicting higher prices due to OPEC+ production cuts.

In its October Short-Term Energy Outlook, the EIA raised its 2024 forecast for Brent crude by $6.69 to $94.91 per barrel, while projecting WTI crude in 2024 to average $90.91 per barrel, an increase of $7.69 from the previous month’s estimate.

The forecasted price rise is based on expectations of reduced oil production by OPEC+ members and a tightening of global oil markets, which should outpace production during the latter half of 2023 and much of 2024.

The EIA also mentioned various factors that could impact its forecast, including potential supply disruptions and shifts in the global economic outlook.

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