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

> The EIA expects Brent to average $94.91 a barrel and WTI $90.91 in 2024. It cut its 2024 global oil demand forecast by 90,000 barrels per day. The agency says OPEC+ voluntary output cuts are tightening the market.

- Date: 2023-10-11 · published 2023-10-11T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A forecast of higher 2024 crude prices supports energy and freight costs, while the demand cut limits the upside. The outlook is a projection rather than a near-term supply shock.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-08-01 | [EIA forecasts crude oil prices will increase through 2024 as demand rises above supply](https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above.md) | +0.6% | -0.6% |
| BRENT | 2021-10-11 | [OPEC+ crude oil production rises in September, but remains below target: Platts survey](https://feedsoft.ai/events/44721-opec-crude-oil-production-rises-in-september-but-remains-below-target-platts.md) | +3.0% | +0.4% |
| BRENT | 2017-09-12 | [OPEC production falls to 32.76 million b/d in August \| Oil & Gas Journal](https://feedsoft.ai/events/68867-opec-production-falls-to-32-76-million-b-d-in-august-oil-and-gas-journal.md) | +2.7% | +2.8% |
| BRENT | 2018-10-19 | [Leaked Document: OPEC+ Struggling To Lift Oil Production \| OilPrice.com](https://feedsoft.ai/events/62458-leaked-document-opec-struggling-to-lift-oil-production-oilprice-com.md) | -3.4% | -17.1% |
| BRENT | 2021-05-31 | [OPEC Boosted Production Less Than Expected In May \| OilPrice.com](https://feedsoft.ai/events/47016-opec-boosted-production-less-than-expected-in-may-oilprice-com.md) | +2.4% | +7.5% |
| WTI | 2023-08-01 | [EIA forecasts crude oil prices will increase through 2024 as demand rises above supply](https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above.md) | +0.2% | -1.6% |
| WTI | 2021-10-11 | [OPEC+ crude oil production rises in September, but remains below target: Platts survey](https://feedsoft.ai/events/44721-opec-crude-oil-production-rises-in-september-but-remains-below-target-platts.md) | +3.6% | +2.2% |
| WTI | 2017-09-12 | [OPEC production falls to 32.76 million b/d in August \| Oil & Gas Journal](https://feedsoft.ai/events/68867-opec-production-falls-to-32-76-million-b-d-in-august-oil-and-gas-journal.md) | +3.8% | +3.2% |

## Sources

- spglobal.com: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/101123-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll-eia

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.