EIA's Annual Energy Outlook Reveals Future Oil Prices

The United States Energy Information Administration (EIA) has projected that the Brent spot price will escalate to $91 per barrel by 2049, maintaining this level through 2050. Starting from 2025, the average price for Brent crude is estimated at $72 per barrel.

WTI Prices Also on the Rise

Similarly, the West Texas Intermediate (WTI) spot price is expected to reach $89 per barrel in the same timeframe, with a 2025 projection of $68 per barrel.

US Energy Consumption Trends

In a notable shift, the EIA anticipates a decline in US energy consumption in the near future, with a rebound beginning in the early 2040s. However, by 2050, energy consumption is forecasted to be lower than the levels observed in 2024.