EIA Forecasts: Non-OPEC Oil Production to Drive Growth in 2025
The U.S. Energy Information Administration (EIA) has projected that non-OPEC countries
will be the primary drivers of oil production growth in 2025,
due to production restrictions imposed by the OPEC+ alliance.
Content
Oil
According to the Short-Term Energy Outlook report,
the average price of Brent crude oil is expected to reach $73.58 per barrel in 2025,
marking a 3.3% decline from previous estimates.
Meanwhile, U.S. crude oil is forecasted to close next year at $69.12 per barrel,
a 3.5% reduction from earlier predictions.
On the global production front, the EIA revised its forecasts downward by 0.4% to 104.2 million barrels per day for 2025.
This includes a 1% cut in OPEC+ production estimates to 42.8 million barrels per day and a slight 0.1% reduction
in U.S. oil output projections, bringing it to 13.52 million barrels per day.
The EIA noted that increased U.S. crude oil production would significantly reduce net oil imports into the U.S. by more than 20%,
bringing them down to 1.9 million barrels per day—the lowest annual level since 1971.
In terms of demand, the December report highlighted a slight downward adjustment in global oil consumption forecasts,
now expected to reach 104.3 million barrels per day in 2025,
compared to earlier estimates of 104.4 million barrels per day.
EIA Forecasts: Non-OPEC Oil Production to Drive Growth in 2025