The EIA pegged crude oil prices for Brent falling to $79 per barrel in 2025—a time when production growth is expected to “slightly” outpace demand growth. Its 2024 estimate for crude oil is $82 per barrel. “Our forecast for relatively little price change is based on expectations that global supply and demand of petroleum liquids will be relatively balanced.”
Tuesday, January 09, 2024
The Energy Information Administration's first outlook for 2025 shows forecasted U.S. crude oil production reading 13.4 million barrels per day—a new record for the country.
U.S. production of dry natural gas is seen growing at a rate of 1.3 Bcf/d in 2025, compared to the 4.0 Bcf/d seen in 2023. For U.S. coal production, the EIA predicts a decline by more than 90 million short tons to less than 430 MMst in 2025—the least amount of coal produced in the United States since the early 1960s, the EIA said in its report.
The EIA pegged crude oil prices for Brent falling to $79 per barrel in 2025—a time when production growth is expected to “slightly” outpace demand growth. Its 2024 estimate for crude oil is $82 per barrel. “Our forecast for relatively little price change is based on expectations that global supply and demand of petroleum liquids will be relatively balanced.”
U.S. retail gasoline prices will average $3.20 per gallon in 2025, the EIA said, compared with $3.50 per gallon in 2023.
The EIA pegged crude oil prices for Brent falling to $79 per barrel in 2025—a time when production growth is expected to “slightly” outpace demand growth. Its 2024 estimate for crude oil is $82 per barrel. “Our forecast for relatively little price change is based on expectations that global supply and demand of petroleum liquids will be relatively balanced.”
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Wait! I thought Biden was killing the oil industry! I thought democrats were going to force us all to drive electrics cars!
ReplyDeleteThis can't be true...
On a side note. Does anyone here know how to properly convey sarcasm in written form?
well, if you knew more than what I post, you'd understand the big picture, and he has. However, I'm not here to thoroughly educate you, and this report was simply from the EIA. Other reports, as all news outlets are biased to their own point of view, and report in a way to keep their readers happy, https://longforecast.com/oil-price-today-forecast-2017-2018-2019-2020-2021-brent-wti and “We forecast that U.S. crude oil supply growth will slow from 1.009 million barrels per day in 2023 to 464,000 barrels per day in 2024 and 137,000 barrels per day in 2025, although current drilling and capex plans suggest potential downside to our forecasts,” they went on to state. https://www.rigzone.com/news/analysts_look_at_oil_demand_growth_in_2024_and_2025-09-jan-2024-175320-article/
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