Link to the full source article

RSS feed source: US Energy Information Administration

In-brief analysis

January 17, 2025

Benchmark Brent crude oil prices averaged $81 per barrel (b) in 2024, in line with the $82/b for the year that we had forecast in our January 2024 Short-Term Energy Outlook (STEO) and more in-depth analysis. In the January 2024 STEO, we forecast that markets would be relatively balanced in 2024, changing little from the 2023 average Brent price of $82/b. On an annual basis, our forecast for balanced markets was relatively accurate, as global inventories showed only a slight drawdown of 0.18 million barrels per day in 2024.

Monthly crude oil prices in 2024 remained between $70/b and $90/b. Sluggish demand and relatively high supply outside of the OPEC+ countries contributed to the relatively narrow trading range for crude oil despite geopolitical tensions in the Middle East and shipping disruptions in

Click this link to continue reading the article on the source website.