Reported 2 days ago
The Energy Information Administration (EIA) has increased its forecast for U.S. oil production to 13.53 million barrels per day in 2025, citing a significant supply surplus that could drive prices down in the coming months. While production is expected to surpass last year's records, the EIA warns that growing inventories may lead to a drop in oil prices, projecting West Texas Intermediate crude at around $65 per barrel and Brent at $68.64. The agency notes that part of OPEC+'s production increases may not be realized due to limited capacity, further impacting market dynamics.
Source: YAHOO