Global oil production will increase by 1.6 million barrels per day in 2025, but U.S. Energy Information Administration said 90 percent of that growth will come from non-OPEC+ countries. That is due to ongoing production restraints by OPEC+. At its meeting Dec. 5, OPEC+ said it will delay production increases until at least April 2025.
EIA said in its Short-Term Energy Outlook of Dec. 10 that it expects Brent crude oil spot price to remain near current levels in 2025 to average $74 per barrel for the year “as oil markets will be relatively balanced on an annual average basis.”