SEATTLE (Oil Monster): The US Energy Information Administration (EIA) has raised its oil price projections for the next two years, reflecting recent shifts in global supply and market conditions.
In its latest Short-Term Energy Outlook (STEO), released Tuesday, the agency issued small but notable upward revisions to its Brent and West Texas Intermediate (WTI) price forecasts for 2025 and 2026.
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The EIA now expects Brent crude to average $68.91 per barrel in 2025, slightly higher than its previous estimate of $68.76. The outlook for WTI has been adjusted to $65.32 per barrel, compared with $65.15 earlier. For 2026, Brent is projected to average $55.08 per barrel and WTI about $51.42, both marginal increases from the agency’s prior forecast.
According to the EIA, global crude prices continue to ease as expanding production outweighs geopolitical risks, including drone attacks on Russian infrastructure and newly imposed sanctions.
The agency anticipates that rising output and weaker winter demand will accelerate inventory accumulation, contributing to further price declines in the coming months. However, it notes that OPEC+ policies and China’s ongoing stock builds may limit the extent of the downturn.
US crude output is expected to average 13.61 million barrels per day (bpd) in 2025 and 13.53 million bpd in 2026. Global production is forecast at 106.18 million bpd next year and 107.43 million bpd in 2026, while global consumption is projected to reach 103.94 million bpd and 105.17 million bpd, respectively.
