EIA sees Avg. WTI Price at $70 Bbl, Brent at 74 Bbl this Y
2/11 12:50 PM
EIA sees Avg. WTI Price at $70 Bbl, Brent at 74 Bbl this Yr
HOUSTON (DTN) -- The Energy Information Administration estimates that the
average spot price for West Texas Intermediate crude oil will be $70 bbl in
2025 and $62 bbl in 2026, while the Brent crude oil spot price will average $74
bbl this year, dropping to $66 bbl in 2026, according to its Short-Term Energy
Outlook report released today.
EIA expects global liquid fuels output to increase by 1.9 million bpd in
2025 and by 1.6 million bpd in 2026 due to a combination of supply growth from
countries outside of OPEC+ and the relaxation of OPEC+ production cuts.
The EIA anticipates that OPEC+ production cuts will reduce global oil
inventories and maintain crude oil prices near current levels through the first
quarter of 2025. However, EIA expects an increase in global oil inventories
once OPEC+ begins raising production, starting in April 2025.
"These production increases combined with expectations of relatively weak
global oil demand growth will lead to a 0.9 million b/d increase in global oil
inventories in the second half of 2025 and a 1.0 million b/d increase in 2026",
according to the report.
EIA dismissed the possibility that the sanctions on Russia's oil and
shipping sectors announced Jan. 10 will affect its oil production forecast.
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