The Power Information Administration (EIA), a subordinate of the US Department of Power, predicted that global oil demand will continue to grow.
The EIA claimed that the consumption, which was 99.43 million barrels/day in 2022, will increase to 100.48 million barrels/day in 2023. 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 has also assumed that global oil supply will reach 102.83 million bbl/d in 2024, up from 100 million bbl/d in 2022. The global oil production expectation for 2023 was 101.10 million barrels/day.
Claiming 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 US crude oil was reduced from 86.36 dollars/vaeril to 77.18 dollars/barrel, it was claimed that the average price in 2024 would be 71.57 dollars/barrel. While increasing it from 34 million barrels/day to 12.41 million barrels/day, it also predicted that the production will be 12.81 million barrels/day in 2024.