| Subject: | EIA, forecasts, energy markets |
| Presented by: | Stephen Nalley, Deputy Administrator |
| Presented to: |
U.S. Senate Committee on Energy and Natural Resources Washington, DC—November 16, 2021 |
Benchmark Brent crude oil prices averaged $81 per barrel (b) in 2024, in line with the $82/b for the year that we had forecast in our January 2024 Short-Term Energy Outlook (STEO) and more in-depth analysis. In the January 2024 STEO, we forecast that markets would be relatively balanced in 2024, changing little from the 2023 average Brent price of $82/b. On an annual basis, our forecast for balanced markets was relatively accurate, as global inventories showed only a slight drawdown of 0.18 million barrels per day in 2024. More ›
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), January 2024 and January 2025