BAKU, Azerbaijan, September 11. Brent prices are expected to average $84 per barrel in 2025, Trend reports.
In its latest outlook, the US Energy Information Administration (EIA) noted that while oil prices have seen some volatility in recent months, they have mostly traded within a narrow range. In August, the Brent crude oil spot price averaged $82 per barrel, marking the eighth straight month where prices fluctuated between $80 and $90 per barrel.
Although Brent crude dipped to $73 per barrel on September 6, the EIA expects prices to rebound swiftly due to ongoing global oil inventory withdrawals driven by OPEC+ production cuts. The agency estimates that global oil inventories will decrease by 0.9 mb/d in the third quarter of 2024 and will fall by over 1.0 mb/d through the first quarter of 2025.
As a result, Brent crude prices are forecast to rise from $74 per barrel at the start of September to an average of $82 in December and $83 in the first quarter of 2025. By mid-2025, the EIA expects a return to moderate inventory builds as OPEC+ ramps up production and non-OPEC+ countries see increased output. Global oil inventories are projected to grow by an average of 0.5 mb/d in the second half of 2025.