BAKU, Azerbaijan, December 11. Brent crude prices are expected to average $74 per barrel for 2025, says the U.S. Energy Information Administration (EIA), Trend reports.
The agency reports that the average price of Brent crude oil stood at $74 per barrel in November, marking a slight decline of $1 from October's average.
This decrease follows the ceasefire between Israel and Hezbollah, which alleviated some of the geopolitical risks that had previously contributed to a higher risk premium on oil prices, the EIA noted. Additionally, ongoing concerns about weakening global demand, particularly in China, further pressured prices.
The EIA's forecast indicates that, despite these fluctuations, global oil inventories are expected to remain relatively stable through 2025, with inventory builds potentially putting downward pressure on prices later in the year.
As a result, Brent crude prices are projected to average $74 per barrel for 2025, slightly down from $80 per barrel in 2024. The EIA also noted that OPEC+ members, in their December meeting, agreed to delay planned production increases until April 2025, setting production targets through 2026 to help keep the oil market balanced.
Overall, while oil prices may dip slightly later in 2025, the outlook suggests stability, with OPEC+ adjusting its strategy to maintain balance in the global oil market.