NEW DELHI: Crude oil prices will average $83 per barrel for all of 2024 as recent OPEC+ production cuts are expected to offset lower demand growth, the US Energy Information Administration (EIA) has forecast.
The spot price of Brent crude oil has slumped to $76 per barrel, marking a significant drop from the $83 average seen in November and $91 in October. This decline was mainly driven by fears of weakening global oil demand.
