Long-Term Oil Price Projections

The United States Energy Information Administration (EIA) has released its Annual Energy Outlook, revealing significant projections for the future of oil prices. According to the report, the Brent spot price is expected to climb to $91 per barrel by 2049, maintaining that level through 2050. This marks a substantial increase from the estimated average of $72 per barrel in 2025.

WTI Price Trends

Similarly, the West Texas Intermediate (WTI) spot price is forecasted to reach $89 per barrel in 2049 and 2050, up from a projected $68 per barrel in 2025. These figures highlight the EIA's expectations for gradual price increases in the global oil market over the next few decades.

US Energy Consumption Outlook

In addition to oil price projections, the EIA anticipates a decline in US energy consumption in the near term, with growth resuming in the early 2040s. However, by 2050, energy consumption is expected to be lower than levels seen in 2024, underscoring the shifting dynamics in energy use and efficiency.