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EIA expects sustained global demand for petroleum products and Saudi Arabia’s extended voluntary production cuts will contribute to oilprices rising through the year. The Brent crude oilprice was near $75 per barrel at the beginning of July and increased throughout the month to surpass $86 per barrel on 4 August.
EIA expects crude oilprices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. Areas of uncertainty include Russian oil supply and OPEC production. per gallon in 2024.
ExxonMobil expects to increase annual earnings potential by more than 140% and double potential annual cash flow from operations by 2025 from 2017 adjusted earnings, assuming a 2017 oilprice of $60 per barrel adjusted for inflation and based on 2017 margins. billion barrels of discovered recoverable resource.
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