US Energy Department raises Brent price forecast to $88.55 per barrel in 2024

The US Department of Energy raised its forecast for the price of Brent oil in 2024 by 1% to $88.55 from $87 per barrel, according to a report from the Energy Information Administration (EIA).

In 2025, the Brent price is expected to be $86.98 per barrel compared to the previous forecast of $84.8 per barrel.

The department notes that oil prices continued to rise in March for the third month in a row amid geopolitical risks associated with attacks on commercial ships in the Red Sea and tensions in the region.

The price of WTI oil is projected at $83.78 per barrel in 2024 and $82.48 per barrel in 2025.

In addition, the US Department of Energy raised its forecast for daily oil production in the country in 2024 by 20,000 bpd to 13.21 mln bpd. Expected oil production volumes in 2025 have been increased by 70,000 bpd to 13.72 mln bpd.

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