The U.S. Energy Information Administration (EIA) has lowered its forecast for Brent crude oil prices for 2025, reducing it from $74.22 to $67.87 per barrel. The forecast for 2026 has also been decreased from $68.47 to $61.48 per barrel.
This is reported by Бізнес • Медіа
Analysts expect that commercial oil inventories will begin to rise in the second quarter of 2025, driven by increased production from OPEC+ countries and reduced demand for “black gold.” However, the primary increase in liquid hydrocarbon supplies is likely to come from non-OPEC+ countries such as the U.S., Canada, Brazil, and Guyana, with a projected increase of 1.2 million barrels per day in 2025 and 0.7 million barrels per day in 2026.
Increase in the Share of Russian Oil in the Market
The share of Russian oil transported by Western tankers from the Baltic and Black Seas rose to 43% in April 2025, compared to 30% in the first three months of the year. This is linked to the decline in the price of Russian Urals crude, which fell below the G7-set threshold of $60 per barrel.
Oil prices fell after U.S. President Trump imposed sweeping tariffs on U.S. trading partners in early April.