The EIA is out with the latest STEO.
We expect the Brent crude oil spot price will remain close to its current level in 2025, averaging $74 per barrel for the yearThey see the oil market as ‘relatively balanced’US production seen at 13.52 mbpd vs 13.53 mbpd prior (vs 12.93 mbpd this year)US natural gas consumption 90.2 bcf vs 89.6 bcfWe expect global oil inventories will end 2025 near their current volumeSees global demand at 104.3 mbpd and supply at 104.2 mbpd
US production growth is slowing and I suspect it will level out with oil prices at these levels.
“We expect that the extension of OPEC+ production cuts will cause
inventories to fall by 0.7 million b/d the first quarter of 2025 (1Q25).
However, we expect the subsequent ramp up in OPEC+ production and
continued supply growth outside of OPEC+ will lead to an average
inventory build of 0.1 million b/d over the remainder of 2025,” the report says.
This article was written by Adam Button at www.forexlive.com.
