10/09/2024 – 13:50
The U.S. Department of Energy (DoE) has lowered its forecast for the average price of a barrel of Brent crude oil in 2024 (from $84.44 to $82.80) and in 2025 (from $85.71 to $84.09). The projections appear in the September Short-Term Energy Outlook (STEO) report, released on Tuesday, September 10.
The DoE also changed its forecast for WTI this year (from US$80.21 to US$78.80) and next year (from US$81.21 to US$79.63).
In the report, the agency projects that the lack of global demand, especially in China, should cause the commodity prices to fall. However, average prices are expected to remain above US$ 80 per barrel this month, after the Organization of the Petroleum Exporting Countries and allies (OPEC+) announced that it will extend oil production cuts.
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