The United States Energy Information Administration (EIA) has revised its forecast for Brent and West Texas Intermediate (WTI) oil prices in 2025, projecting a decline compared to previous estimates.

Lower Price Projections: The EIA now anticipates that Brent crude will average $73.58 per barrel in 2025, a 3.26% decrease from the earlier forecast of $76.06. Similarly, WTI prices are expected to average $69.12 per barrel, marking a 3.46% drop from the previous estimate of $71.60.

Reasons Behind the Revision: The adjustment is attributed to a potential inventory buildup that could exert downward pressure on commodity prices during the second half of the year.

Global Production Outlook: Global oil production for 2025 is projected to reach an average of 77.81 million barrels per day. This includes 35.87 million barrels from OPEC+ nations, 13.52 million barrels from the US, and 28.41 million barrels from non-OPEC+ countries excluding the US.