U.S. Energy Information Administration this week raised its forecast for U.S. oil production this year. The EIA said Tuesday in its short-term energy outlook that it expects production to average 13.59 million barrels per day in 2025 – up from its prior estimate of 13.55 million barrels per day. Brent crude prices are expected to average about $74 in 2025 then fall to $66 in 2026. EIA predicts gradual increases in production combined with relatively weak global demand growth. U.S. consumption of petroleum and liquid fuels holds steady at 20.5 million b/d in 2025.
OPEC+ production cuts will reduce global oil inventories and keep crude oil prices near current levels through 2025Q1.