The US revised the oil price estimation for this year – Cyprus Newspaper

The US Energy Information Administration (EIA) revised the estimation of oil price for this year. Thus, the price estimated for this year has been updated to $ 65.85 by decreasing approximately 8 dollars compared to the report published on the January.

According to the EIA’s “May 2025 Short -Term Energy View Report ,, the production increase decisions announced last month by OPEC+ leads to an increase in global oil stocks while strengthening the perception of surplus supply. Increases in stocks are expected to put pressure on oil prices for the rest of the year.

Accordingly, in the first four months of the year an average of 300 thousand barrels of oil is estimated to be added to stocks. This contradicts the expectation of more than 200 thousand barrels stipulated in the stove.

The report emphasized that the perception of supply is not only due to OPEC+ Group, but also the increasing balance of non -OPEC manufacturers disrupt the balance in the market, while US President Donald Trump puts into force of mutual customs tariffs in force.

The stock increase is expected to continue in the future. EIA predicts that global oil stocks will increase an average of 500 thousand barrels per day in the second quarter of the year and 700 thousand barrels in the last quarter. It is estimated that this increase in the year will be at the level of 400 thousand barrels per day, and in 2026 it will reach an average of 800 thousand barrels per day.

Expectations that there will be no problems in global oil supply indicate that there will be a gradual decrease in Brent oil prices. The barrel price of Brent oil, which watched at the level of $ 76 in the first quarter of 2025, is expected to decrease to $ 61 in the last quarter of the year and will be balanced at an average of $ 59 in 2026.

Thus, the average barrel price of Brent oil for this year is expected to be $ 65.85. This figure was estimated to be $ 67.87 in the previous report.

Western Texas type (WTI) The average barrel price of crude oil is expected to be $ 61.81. The figure in question was calculated as $ 63.88 last month.

EIA announced the average barrel price of Brent oil for last year as 80.56 dollars and WTI crude oil price as $ 76.60.

The average daily crude oil production in the USA is expected to be approximately 13 million 420 thousand barrels this year. This figure was recorded as approximately 13 million 210 thousand barrels last year.

On the other hand, this year, global oil supply is expected to be 104 million 130 thousand barrels per day and global oil consumption will be 103 million 710 thousand daily.