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.
Israel has launched a major military operation against Iran, sparking global alarm. Countries around the world are urging calm as fears grow that the Middle East could be pushed into a wider war.
U.S. President Donald Trump has urged Iran to reach a deal on its nuclear program, warning that more violence could follow after Israel’s latest strikes on Iranian targets.
A Hezbollah official says the group will not act independently in response to Israeli strikes on Iran, expressing solidarity with Tehran but stopping short of direct retaliation.
The Lebanese government has firmly warned Hezbollah against participating in Iran’s retaliation against Israel, signaling a sharp rebuke of any unilateral military action by the group.
The IAEA has confirmed there was no increase in radiation levels at Iran’s Natanz nuclear facility following Israeli strikes, easing immediate fears of a nuclear incident.
Israel’s targeted airstrikes across Iran on Friday have resulted in the deaths of high-ranking commanders and senior nuclear scientists, dealing a major blow to Iran’s military leadership and technical expertise.
Israel has launched a major military operation against Iran, sparking global alarm. Countries around the world are urging calm as fears grow that the Middle East could be pushed into a wider war.
The Air Astana Group informs passengers of changes to certain scheduled and charter flight routes due to the closure of Iranian and Iraqi airspace, the airline said in a statement.
U.S. President Donald Trump has urged Iran to reach a deal on its nuclear program, warning that more violence could follow after Israel’s latest strikes on Iranian targets.
A Hezbollah official says the group will not act independently in response to Israeli strikes on Iran, expressing solidarity with Tehran but stopping short of direct retaliation.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 8th, covering the latest developments you need to know.
Presidential candidate Miguel Uribe Turbay is in critical condition after being shot three times — including twice in the head — during a campaign event in Bogotá.
Pakistan will begin its first freight train service to Russia from Lahore on June 22. The route is part of the INSTC and aims to connect Pakistan's rail network with Central Asia, establishing a new trade corridor via Iran, Turkmenistan, and Kazakhstan.
Kazakhstan and the UK are strengthening defense ties with a new Military Cooperation Plan, focusing on peacekeeping and military education.
A 30-year-old woman was shot by police in Munich on Saturday evening after stabbing two people at Theresienwiese, a central park best known for hosting Oktoberfest.
A delegation from the EBRD’s Board of Directors will visit Kazakhstan from 16 to 20 June 2025
The U.S. dollar advanced on Friday as investors rushed back into the currency and other safe-haven assets including U.S. Treasury bonds and gold after Israel launched widescale strikes against Iran, sparking Iranian retaliation.
US producer prices rose 2.6% annually in May, matching market expectations, with a modest 0.1% increase from April, the US Bureau of Labor Statistics reported.
The European Commission confirmed on Thursday it will postpone the implementation of new international banking regulations by a year, citing concerns over global alignment and competitiveness.
The euro surged to its highest level in nearly four years against the U.S. dollar, as global investors turned to safe-haven assets amid growing geopolitical tensions and uncertainty surrounding the U.S.-China trade deal.
Israel’s targeted airstrikes across Iran on Friday have resulted in the deaths of high-ranking commanders and senior nuclear scientists, dealing a major blow to Iran’s military leadership and technical expertise.
Israel has launched a major military operation against Iran, sparking global alarm. Countries around the world are urging calm as fears grow that the Middle East could be pushed into a wider war.
The Air Astana Group informs passengers of changes to certain scheduled and charter flight routes due to the closure of Iranian and Iraqi airspace, the airline said in a statement.
U.S. President Donald Trump has urged Iran to reach a deal on its nuclear program, warning that more violence could follow after Israel’s latest strikes on Iranian targets.
A Hezbollah official says the group will not act independently in response to Israeli strikes on Iran, expressing solidarity with Tehran but stopping short of direct retaliation.
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