The USA Energy Information Administration (EIA) has downwardly revised its oil price forecast for this year and the next year. According to the “October 2024 Short-Term Energy Outlook Report” by the EIA, the average barrel price of Brent crude oil decreased by 6 dollars last month to reach 74 dollars. Concerns about the global oil demand outlook weighed more heavily on the price drop than supply concerns related to the decrease in global oil stocks and the production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producing countries in the OPEC+ group. While tensions in the Middle East caused oil prices to rise again in October, the possibility of further escalation created uncertainty and fluctuations in the markets. However, based on the expectation of a slowing growth in oil demand this year and the next year, alongside the price drop seen in September, the EIA revised its oil price forecast lower. Accordingly, the average barrel price of Brent oil is expected to be 80.89 dollars this year, down from the previous forecast of 82.80 dollars. Also, the average barrel price of West Texas Intermediate (WTI) crude oil is anticipated to be 76.91 dollars, lower than the previous calculation of 78.80 dollars. The EIA also downwardly revised the barrel price of Brent crude oil for the next year to 77.59 dollars and WTI crude oil to 73.13 dollars. In terms of U.S. crude oil production, it is expected to reach approximately 13.22 million barrels per day this year, with a record of about 12.93 million barrels per day last year. The production is calculated to increase to 13.54 million barrels per day in 2025. In last month’s report, the figures were estimated to be 13.25 million barrels per day for this year and 13.67 million barrels per day for the next year. As for global oil supply, it is projected to be 102.5 million barrels per day this year and 104.54 million barrels per day the next year. The global oil consumption is estimated to be 103.06 million barrels per day this year and 104.35 million barrels per day the next year.