According to Mynet.com, statements came from the USA for oil prices, which are closely related to the fuel markets. The Energy Information Administration (EIA) and Goldman Sachs announced their oil forecasts for 2023. According to the EIA, prices are expected to decline 18 percent in 2023 to $83.10 per barrel. However, the US investment bank predicts that brent oil will rise to the level of 105 dollars per barrel in the fourth quarter.
According to BloombergHT news, the Energy Information Administration of the US Department of Energy has predicted that oil demand will increase by 1.72 million barrels/day in 2024 compared to 2023 and will reach 102.20 million barrels/day.
Oil prices, which reached record levels by rising to the level of 140 dollars last year, decreased by 7 percent in the first week of the new year. While the fluctuating course in oil continued this year, expectations for 2023 and 2024 became clear. The Energy Information Administration (EIA) and Goldman Sachs released their price forecasts for oil prices one after the other.
DAILY OIL DEMAND MAY EXCEED 102 MILLION BARRELS IN 2024
The Energy Information Administration (EIA), affiliated with the US Department of Energy, predicted that global oil demand will continue to grow. The global oil production expectation for 2023 was 101.10 million barrels/day.
He predicted that oil demand in 2024 will increase by 1.72 million barrels/day compared to 2023 and will reach 102.20 million barrels/day. The EIA also predicted that global oil supply will reach 102.83 million bpd in 2024, up from 100 million bbl/d in 2022.
18 PERCENT DECREASE EXPECTED
Estimating that the average price of Brent oil will be 83.10 dollars/barrel in 2023 with a decrease of 18 percent compared to 2022, EIA stated that they expect the average price to decrease to 78 dollars/barrel in 2024. The average price expectation for Brent oil for 2023 was previously announced as $92.36/barrel. While the 2023 average price expectation for West Texas oil was lowered from $86.36/vaerle to $77.18/barrel, the average price in 2024 was estimated to be $71.57/barrel.
EIA raised its 2023 forecast for US crude oil production from 12.34 million barrels/day to 12.41 million barrels/day, and predicted that production will be 12.81 million barrels/day in 2024.
GOLDMAN SACHS EXPECTED $105
On the other hand, another institution that made oil forecasts was the US investment bank Goldman Sachs. Goldman Sachs reported that the growing ability of OPEC to increase prices without hurting demand limits downside risks to its 2023 oil price forecasts.
Predicting that global oil demand will increase by 2.7 million barrels/day in 2023 and that there will be a supply gap in the market in the second half of 2023, Goldman Sachs predicted that the price of Brent oil will rise to the level of 105 dollars/barrel in the fourth quarter.
“The fact that supply lags behind demand will allow OPEC to start rolling back the production cut it made in October 2022 in the second half of 2023,” Goldman Sachs said in a January 9 report.
