# EIA forecasts crude oil prices will increase through 2024 as demand rises above supply

> The EIA's July Short-Term Energy Outlook forecasts higher crude prices through 2024 as inventory drawdowns persist. It expects Brent to reach the mid-$80s by end-2024 from a June average of $75, with OPEC output falling to 33.9 million b/d in 2024.

- Date: 2023-08-01 · published 2023-08-01T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A government forecast of rising crude prices signals sustained higher energy costs for diesel, freight and fertilizer inputs, supporting feed cost pressure.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-02-01 | [Crude oil prices expected to increase slightly through 2017 and 2018](https://feedsoft.ai/events/73137-crude-oil-prices-expected-to-increase-slightly-through-2017-and-2018.md) | -1.1% | +2.0% |
| WTI | 2024-09-10 | [US EIA lifts oil demand forecast, says prices will recover to above $80/bbl \| Reuters](https://feedsoft.ai/events/10170-us-eia-lifts-oil-demand-forecast-says-prices-will-recover-to-above-80-bbl.md) | +2.1% | +11.9% |
| WTI | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +0.9% | -9.5% |
| WTI | 2018-03-09 | [IEA cuts 2026 oil supply forecast as Mideast recovery slips to 2027](https://feedsoft.ai/events/66170-iea-cuts-2026-oil-supply-forecast-as-mideast-recovery-slips-to-2027.md) | +1.7% | +3.2% |
| WTI | 2020-08-11 | [EIA revises up 2020 oil price forecasts on larger forecast stock draws \| Oil & Gas Journal](https://feedsoft.ai/events/51809-eia-revises-up-2020-oil-price-forecasts-on-larger-forecast-stock-draws-oil-and.md) | +2.3% | -12.2% |
| BRENT | 2017-02-01 | [Crude oil prices expected to increase slightly through 2017 and 2018](https://feedsoft.ai/events/73137-crude-oil-prices-expected-to-increase-slightly-through-2017-and-2018.md) | -1.9% | -1.8% |
| BRENT | 2024-09-10 | [US EIA lifts oil demand forecast, says prices will recover to above $80/bbl \| Reuters](https://feedsoft.ai/events/10170-us-eia-lifts-oil-demand-forecast-says-prices-will-recover-to-above-80-bbl.md) | +1.7% | +12.8% |
| BRENT | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +2.3% | -7.5% |

## Sources

- eia.gov: https://www.eia.gov/todayinenergy/detail.php?id=57160

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