BAKU, Azerbaijan, January 15. Crude oil prices are expected to experience fluctuations throughout 2025 and 2026, according to the U.S. Energy Information Administration (EIA), Trend reports.
In December 2024, the Brent crude oil spot price averaged $74 per barrel, slightly lower than the $78 per barrel recorded in the same month of 2023. For the full year of 2024, the Brent price averaged $81 per barrel, a modest decline from the previous year’s average of $82 per barrel.
Looking ahead, the EIA forecasts that oil prices will see initial upward pressure in early 2025 due to ongoing production cuts by OPEC+. This will likely push prices up to an average of $76 per barrel in the first quarter of 2025, supported by a global oil inventory drawdown of about 0.5 million barrels per day. However, after the first quarter, crude oil prices are expected to decline as global oil production outpaces demand growth. The EIA anticipates the Brent price to average $74 per barrel in 2025, followed by a further drop to $66 per barrel in 2026.
As the global supply and demand dynamics continue to shift, the EIA predicts that the growth in oil production, driven by non-OPEC countries, will eventually lead to a steady decline in crude oil prices over the next two years.