MOSCOW, Aug 8 The Energy Information Administration of the US Department of Energy (EIA) raised its forecast for the average price of North Sea Brent oil for the current year to $82.62 from $79.34 dollar per barrel, follows from the EIA monthly short-term forecast.
Also, the EIA increased its Brent average price forecast for 2024 to $86.48 from $83.51.
The forecast for the average price of WTI oil for 2023 has also been raised — to $77.79 per barrel from the July estimate of $74, $43 and the forecast for 2024 is up to $81.48 from $78.51.
«Oil prices have risen since June, mainly due to the extension of the voluntary cut in Saudi Arabia's oil production and rising global demand,» the agency said in a release.
As the EIA expects, these factors will continue to reduce global reserves and support oil prices in the coming months. As a result, Brent crude is expected to average $86 a barrel in the second half of the year, about $7 higher than the July forecast.