EIA cuts Brent price outlook by 2% during 2025

The US Energy Information Administration (EIA) expects India to account for 25% of the total growth in global oil consumption during 2024 and 2025.

According to the Short-Term Energy Outlook, Brent crude prices are expected to dip 2% from the previous forecast to an average of $76.06 per barrel in 2025.

Meanwhile, the EIA expects US crude to end next year at $71.60 (-2.1%).

Over the next few months, oil prices are estimated to suffer pressure on the ongoing geopolitical risks and the decline in global oil inventories resulting from OPEC+ production cuts.

On the other hand, the EIA raised its global oil production forecast by 0.1% to 104.7 million barrels per day (bpd) over the coming year, lowered its OPEC+ output estimate by 0.2% to 43.3 million bpd, and cut its US production forecast by 0.1% to 13.53 million bpd.

The November report, published Wednesday, confirmed the administration's previous forecast that global oil consumption would rise by 1.2 million b/d to 104.4 million b/d next year.

The report, published on Nov. 13, confirmed the EIA’s previous forecast that global oil consumption would rise by 1.2 million bpd to 104.4 million bpd in 2025.