EIA expects lower crude oil prices for the second half of 2023 and for 2024

We lowered our crude oil price forecast for the rest of 2023 and for 2024 in our May Short-Term Energy Outlook (STEO) because of relatively rapid declines in the crude oil price since April. Between April 12, 2023, and May 4, 2023, the Brent crude oil price fell $16 per barrel (b) to $73/b; the West Texas Intermediate crude oil price fell $15/b to $69/b. We expect that a drop in OPEC production and increases in demand will lead to relatively moderate price increases over the next few months.