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. (c) Copyright 2025 DTN, LLC. All rights reserved.