The US Department of Energy has increased its Brent oil price forecast by $5 per barrel

The US Department of Energy raised its Brent cost forecast for 2024-25 due to the extension of OPEC+ restrictions

Oil rigs
Oil rigs / zhengzaishanchu, AdobeStock

The US Department of Energy has adjusted upwards its expectations regarding the price of Brent crude for 2024 and 2025 against the backdrop of OPEC+ countries' decision to continue production restrictions, reports "Interfax-Ukraine".

According to updated data from the Energy Information Administration (EIA) of this department, the expected oil price in 2024 now stands at $87 per barrel instead of the previous $82.42, and in 2025 — $84.8 per barrel, increased from the original $79.48.

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Experts say that such a revision was facilitated by the extension of OPEC+ production cuts, which will lead to a slowdown in global production growth and a significant reduction in global oil inventories by the second quarter of 2024.

It was previously reported that the United States intends to provide Ukraine with additional military support in the amount of $300 million, as part of which long-range ATACMS missiles and other artillery systems will be delivered, enhancing the country's defensive capability.

Also, Joe Biden is actively persuading the G7 countries to use frozen Russian assets to finance support and reconstruction of Ukraine, aiming to achieve this goal by June.

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