Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA

Saudi Arabia’s voluntary production cuts and other OPEC+ members’ lowered output targets are succeeding in tightening global oil markets, prompting the US Energy Information Administration on Oct. 11 to significantly boost its expectations for oil prices next year. In its October Short-Term Energy Outlook, the agency increased its 2024 forecast for Brent crude by $6.69 to $94.91/b and forecast WTI…Saudi Arabia’s voluntary production cuts and other OPEC+ members’ lowered output targets are succeeding in tightening global oil markets, prompting the US Energy Information Administration on Oct. 11 to significantly boost its expectations for oil prices next year. In its October Short-Term Energy Outlook, the agency increased its 2024 forecast for Brent crude by $6.69 to $94.91/b and forecast WTI…  Read More