The US Department of Energy has lowered its forecast for Brent oil price in 2024 by 3.4% to $84.15 from $87.79 per barrel, according to a report from the Energy Information Administration (EIA), Report informs referring to TASS.
In 2025, the Brent price is expected to reach $85.38 per barrel, as in the previous forecast. The agency noted that OPEC+ statements following the June 2 meeting put pressure on prices, bringing them to $78 per barrel on June 6. Thus, in a June report, the US Department of Energy lowered expectations for the price of Brent oil this year to reflect a lower starting point for the forecast amid the recent decline in prices.
Meanwhile, the price of WTI oil is projected to reach $79.7 per barrel in 2024 and $80.88 per barrel in 2025.
