ALBAWABA - The U.S. Energy Information Administration (EIA) has raised its price forecasts for crude oil in 2023 and 2024 and increased its estimates for U.S. crude output.
The information was listed in a short-term energy outlook report for April 2023.
It showed that the average price of West Texas Intermediate crude oil may reach $79.24 per barrel in 2023, up 2.8 percent from March's estimate.
The EIA also raised its forecasts for Brent crude oil prices to $85.01 per barrel in 2023.
The report also showed that the average U.S. oil production may reach 12.5 million barrels per day in 2023, up by 0.8 percent from previous estimates.
