The government agency predicts that global liquid fuel consumption will top 100 million barrels per day, on average, this year for the first time since 2019, and then average more than 102 million barrels per day in 2024. Still, the EIA reduced its 2023 forecasts for U.S. and global benchmark oil prices, noting that growth in oil production will continue in the U.S. and abroad over the next two years. The EIA said Brent crude is expected to average $83.10 this year, down 10% from the December forecast. West Texas Intermediate crude prices are expected to average $77.18 a barrel this year, down 10.6% from the previous forecast.
The EIA also issued 2024 forecasts of $71.57 for WTI and $77.57 for Brent. February WTI crude CLG23, -0.80% was up 79 cents, or 1.1%, to $75.42 a barrel on the New York Mercantile Exchange in Tuesday dealings. March Brent crude BRNH23, -0.67% added 75 cents, or 0.9%, to $80.40 a barrel on ICE Futures Europe.
