EIA forecasts crude oil prices will decline through 2023
Green Car Congress
JANUARY 13, 2022
Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices. While the inventory draws from 3Q20 to 4Q21 put upward pressure on crude oil prices, the forecast inventory builds from 2Q22 to 4Q23, conversely, will put downward pressure on crude oil prices, the EIA said.