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Short-Term Energy Outlook June 2023
table • Global oil markets. Following the OPEC+ announcement on June 4 to extend crude oil production cuts through 2024, we forecast global oil inventories to fall slightly in each of the next five quarters. We expect these draws will put some upward pressure on crude oil prices, notably in late-2023 and early-2024. We forecast the Brent crude oil spot price will average $79 per barrel (b) in the second half of 2023 (2H23) and $84/b in 2024. • Global oil consumption. We forecast global liquids fuels consumption will rise by 1.6 million barrels per day (b/d) in 2023 from an average of 99.4 million b/d last year. ... (full story)