We forecast average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because we expect that global supply and demand for petroleum liquids will be relatively balanced over the next two years. We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in 2025, compared with its 2023 average of $82/b. We expect that the price of West Texas Intermediate (WTI) will be slightly lower but generally follow the same path. In the first quarter of 2024 (1Q24), we expect crude oil prices to rise somewhat, driven by OPEC+ production cuts leading to global stock draws of 810,000 barrels per…
