# Crude oil prices forecast to decline beginning in the second half of 2023

> The EIA's January Short-Term Energy Outlook forecasts Brent averaging $83 a barrel in 2023 and falling in the second half, with WTI at $77. The agency expects global petroleum inventories to build by more than 0.6 million barrels a day in 2023 and 2024. It also flags the EU ban on Russian petroleum product imports effective February 5.

- Date: 2023-02-01 · published 2023-02-01T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/37958-crude-oil-prices-forecast-to-decline-beginning-in-the-second-half-of-2023
- 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 rising inventories and falling crude prices in the second half lowers the expected energy cost trend for feed and freight, though the EU product ban adds near-term disruption risk.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-06-01 | [EIA expects lower crude oil prices for the second half of 2023 and for 2024](https://feedsoft.ai/events/36102-eia-expects-lower-crude-oil-prices-for-the-second-half-of-2023-and-for-2024.md) | +6.3% | +2.1% |
| BRENT | 2022-12-06 | [EIA revises down Brent price forecast for 2023 \| Oil & Gas Journal](https://feedsoft.ai/events/38413-eia-revises-down-brent-price-forecast-for-2023-oil-and-gas-journal.md) | -6.1% | -7.8% |
| BRENT | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +2.6% | +3.9% |
| BRENT | 2021-06-15 | [Growing global production limits crude oil price increases in the most recent forecast -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/46496-growing-global-production-limits-crude-oil-price-increases-in-the-most-recent.md) | +2.9% | +4.7% |
| BRENT | 2024-05-01 | [Crude oil prices today: WTI falls to $79 on stockpile build, weak demand](https://feedsoft.ai/events/7236-crude-oil-prices-today-wti-falls-to-79-on-stockpile-build-weak-demand.md) | -5.8% | -6.2% |
| WTI | 2023-06-01 | [EIA expects lower crude oil prices for the second half of 2023 and for 2024](https://feedsoft.ai/events/36102-eia-expects-lower-crude-oil-prices-for-the-second-half-of-2023-and-for-2024.md) | +6.5% | +2.6% |
| WTI | 2022-12-06 | [EIA revises down Brent price forecast for 2023 \| Oil & Gas Journal](https://feedsoft.ai/events/38413-eia-revises-down-brent-price-forecast-for-2023-oil-and-gas-journal.md) | -5.0% | -5.3% |
| WTI | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +4.4% | +3.6% |

## Sources

- eia.gov: https://www.eia.gov/todayinenergy/detail.php?id=55159

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