The projection is given in a market that continues to show a very tight supply problem and is strongly conditioned by the development of the war in Ukraine and the health crisis in China.
A barrel of the WTI variety rose 0.6% and traded at $75.10 while the Brent rate rose 0.5% and settled at $80, according to figures provided by the New York Mercantile Exchange (NYMEX).
The United States Energy Information Administration (EIA) wait to Global consumption of liquid fuels, such as gasoline, diesel and jet fuel, will set new all-time highs by 2024, according to an estimate released today.
The EIA predicted that the global consumption of liquid fuels exceeds 100 million barrels per dayon average, in 2023 for the first time since 2019 and then average more than 102 million barrels per day in 2024.
The report notes that the agency expects crude oil prices to decline in 2023 and 2024, even as oil consumption rises, largely because growth in crude oil production in the United States and abroad will continue to rise over the next two years.
The EIA forecast that the European benchmark Brent crude oil price will average less than $80 in 2024, more than 20% less than in 2022.
“Our forecast for global oil consumption depends on uncertain economic conditions, especially in China,” said EIA Administrator Joseph De Carolis, later noting that “how China’s economy changes following the pandemic lockdowns could have a significant impact on global consumption of petroleum products.”
The EIA also projected that “natural gas prices will decline, on average, through 2023 and 2024 as domestic production continues to grow, as will liquefied natural gas (LNG) exports, as global demand will remain strong.” and more US LNG export facilities come online.”
Natural gas contracts for February delivery fell 8.2% and traded at $3.60 per million BTU. Finally, gold rose 0.2% and closed at $1,882 per ounce.
Source: Ambito
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