Global crude oil production is expected to increase further this year, according to the latest outlook from the US Energy Information Administration (EIA). The agency said that in 2025, total global oil production, including refined products, could average 106 million barrels per day, which is about 100,000 barrels per day higher than its previous forecast. During the same period, global oil consumption is projected to reach around 104.1 million barrels per day, indicating that supply will exceed demand. Reuters reported the development.
The EIA noted that global oil inventories are likely to continue rising until 2026 due to the supply surplus. By the fourth quarter of this year, from October to December, total global inventories could reach approximately 29.3 billion barrels. This figure is expected to climb further to about 31.8 billion barrels by the end of 2026. Analysts believe that such rising inventories could exert downward pressure on oil prices in the global market.
As a result of increased supply, international crude oil prices are also expected to remain lower. The EIA forecasts that the average price of Brent crude could be around $68.76 per barrel this year, compared with an average of $80 per barrel last year. In the US market, the average price of West Texas Intermediate (WTI) crude is projected to decline to about $65.15 per barrel.
Meanwhile, crude oil production in the United States is expected to reach record levels. Average daily output this year could stand at around 13.59 million barrels per day. However, in 2026, production may edge slightly lower to approximately 13.58 million barrels per day, according to the EIA. Experts say these trends could have significant implications for global energy markets in the coming years.
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