USA EIA raised forecast for oil costs | rigzone

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The US Vitality Data Administration (EIA) has barely raised its Brent oil worth forecast for each 2022 and 2023, the organisation’s newest Brief Time period Vitality Outlook (STEO) revealed.

Based on the November STEO, the EIA now sees Brent crude spot costs averaging $102.13 a barrel this yr and $95.33 a barrel subsequent yr. In its October STEO, the EIA projected that Brent spot would common $102.09 a barrel in 2022 and $94.58 a barrel in 2023.

Regardless of the rise within the EIA’s Brent forecast values ​​in November, the figures are nonetheless down on the September forecasts. In its September STEO, the EIA anticipated the Brent spot common to succeed in $104.21 a barrel this yr and $96.91 a barrel subsequent yr.

The EIA famous in its newest STEO, “Elevated OPEC and non-OPEC oil manufacturing, most notably manufacturing in america, retains Brent crude costs decrease on an annual common foundation in 2023 than in 2023. “

“Nonetheless, we count on Brent crude oil worth to start out transferring increased in 2H23,” EIA added in STEO.

In its November STEO, the EIA warned that weakening international financial circumstances, which it says might restrict progress in oil demand, “make oil costs extra prone to commerce decrease than our forecast”. The group additionally famous that impending EU sanctions on seaborne imports of crude oil and petroleum merchandise from Russia might lead to oil costs increased than forecast.

The EIA expects US crude oil manufacturing to common 11.83 million barrels per day in 2022 earlier than rising to 12.31 million barrels per day in 2023, in keeping with its November STEO. In its October STEO, the EIA anticipated US crude oil manufacturing to prime 11.75 million barrels per day in 2022 and 12.36 million barrels per day in 2023. Newest STEO.

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