The EIA’s short term energy outlook has revised up its forecast for oil prices in 2024 for both Brent and WTI.

• EIA’s projected price for WTI in 2024 is up 9.2% to $90.91/b, while Brent is up 7.6% to $94.91/b.
• Total global production is relatively unchanged at 102.19m b/d in 2024, while consumption is at 102.24m b/d.
• Global inventories in the forecast are expected to fall 0.2 million b/d in H2 2023 due to supply cuts from Saudi Arabia.
• The EIA has lowered its 2024 U.S. Crude Output Forecast to 13.12m b/d.