41.8 C
Dubai
Saturday, July 13, 2024
spot_img

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.

Next Article

Related Articles

Axi and Manchester City Women’s Team Kick Off big ‘The Mentality Edge’ Campaign 1

Axi and Manchester City Women’s Team Kick Off 'The Mentality Edge' Campaign In a dynamic culmination to the 2023/24 football season, leading online FX and...

Garuda Advertising Launches Teleforce: A Telecom, Marketing, and Sales CRM Platform

Garuda Advertising announces the launch of Teleforce, a Telecom, Marketing, and Sales CRM designed to empower businesses with a comprehensive Communication Platform as a...

Chinese and Indian Stocks Favored Over Japan in Second Half of the Year

Chinese and India, as the world’s two most populous countries, present vast opportunities for growth and investment. In the second half of the year, investors...

NAZ INDUSTRIES Earns 2024 Great Place To Work Certification™

NAZ INDUSTRIES Earns 2024 Great Place To Work Certification™ Dubai, United Arab Emirates — NAZ INDUSTRIES is proud to be Certified™ by Great Place To...

Ajman Department of Finance Engages Globally at 30th Annual Reserve Management Seminar

Ajman Department of Finance Participates in the 30th Annual Reserve Management Seminar Ajman, 4 July 2024: The Ajman Department of Finance, represented by Jassim Bu...

Latest Articles