Istanbul Creates AI-powered Emergency Units to Boost Earthquake Readiness
Türkiye continues to confront the devastating legacy of past earthquakes, Istanbul is taking a major step toward future precautions—with the launch...
The U.S. Energy Information Administration (EIA) has slightly increased its forecast for Brent crude oil prices in 2025, despite expectations of growing global stockpiles.
According to the agency’s latest Short-Term Energy Outlook (STEO) release , the average price for Brent crude this year is projected at $65.97 per barrel, up modestly from the previous estimate of $65.85. Similarly, the forecast for West Texas Intermediate (WTI) crude has been revised upward to $62.33 per barrel from $61.81.
The report highlights that May marked the fourth consecutive month of declining oil prices, driven by a slowdown in global demand growth and an accumulation of inventories, primarily due to increased production by OPEC+ members.
EIA analysts expect global oil supply to outpace consumption throughout the year, resulting in stock builds and downward pressure on prices. Inventories, which have already risen in the first five months, are forecasted to increase by an average of 800,000 barrels per day (bpd) over 2025, reflecting reduced demand in OECD countries and expanded output from both OPEC+ and non-OPEC producers.
Looking ahead to the second half of the year, the agency anticipates a moderation in supply growth, particularly as U.S. production—the world’s largest oil producer—levels off, while global demand picks up. This dynamic is expected to drive a drawdown in inventories averaging 600,000 bpd in 2026, signaling a move toward market balance.
The EIA projects the average Brent price will ease to $59.24 per barrel next year, with WTI prices falling to $55.58 per barrel.
However, the outlook remains clouded by uncertainties. Risks include wildfires in Canada, ongoing geopolitical tensions such as the Russia-Ukraine conflict, potential disruptions to Libyan exports, and the coordinated production policies of the OPEC+ group. Additionally, U.S. trade sanctions targeting Iran, Russia, and Venezuela continue to pose potential supply risks.
U.S. Production Outlook Upgraded
The report also raised U.S. crude oil production forecasts, projecting daily output of approximately 13.42 million barrels in 2025, up from the previous forecast of 13.21 million barrels. For 2026, U.S. production is expected to average 13.37 million barrels per day.
On the global front, oil supply is projected at 104.35 million bpd for 2025, with consumption slightly lower at 103.53 million bpd. In 2026, supply is expected to rise to 105.14 million bpd, outpacing demand projected at 104.58 million bpd.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
The World Bank has announced that Tajikistan's medium-term outlook remains favourable, with growth projected to moderate to 7% in 2025 and converge toward a growth rate of 4.5% in 2026 and 5% in 2027.
Adidas saw its shares drop 7.5% in early Wednesday trading after second-quarter sales came in below expectations and the company warned of an added €200 million ($231 million) cost burden from new U.S. tariffs in the second half of 2024.
Spotify projected third-quarter profit below market expectations on Tuesday, citing increased tax expenses linked to employee compensation, despite strong demand for its premium subscription services.
Microsoft is reportedly in advanced negotiations to revise its agreement with OpenAI, aiming to maintain access to the startup’s cutting-edge AI technology even if OpenAI achieves artificial general intelligence (AGI), according to Bloomberg News, which cited sources familiar with the matter.
Türkiye is pressing Iraq to include a clause in a new energy deal that guarantees full utilization of the Kirkuk-Ceyhan oil pipeline, which has remained idle since 2023 due to legal disputes.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment