US Department of Energy lowers its Brent price forecast in 2024 by over 3%

The US Department of Energy has lowered its forecast for Brent oil price in 2024 by 3.4% to $84.15 from $87.79 per barrel, according to a report from the Energy Information Administration (EIA), Report informs referring to TASS.

In 2025, the Brent price is expected to reach $85.38 per barrel, as in the previous forecast. The agency noted that OPEC+ statements following the June 2 meeting put pressure on prices, bringing them to $78 per barrel on June 6. Thus, in a June report, the US Department of Energy lowered expectations for the price of Brent oil this year to reflect a lower starting point for the forecast amid the recent decline in prices.

Meanwhile, the price of WTI oil is projected to reach $79.7 per barrel in 2024 and $80.88 per barrel in 2025.

In addition, the US Department of Energy kept its forecast for oil production in the country for 2024 and expects output to reach 13.2 mln barrels per day (bpd). Expected oil production volumes in the country in 2025 were maintained at 13.7 mln bpd.