United States Energy Information Administration (EIA) revised the country's crude oil production forecast downward, projecting this year's output to grow by 270,000 barrels per day (bpd) to 13.2 million bpd, in contrast to the previously estimated 280,000 bpd increase, APA reports citing BBN.
In the report posted on Tuesday, the EIA shared that crude oil production in the United States is projected to hit 13.7 million barrels per day in 2025. The estimate sees a jump of 530,000 bpd compared to the earlier growth of 510,000 bpd.
"We expect voluntary OPEC+ crude oil production cuts and ongoing geopolitical risks will keep the Brent crude oil spot price near $90 per barrel for the remainder of 2024 before falling to an average of $85 per barrel in 2025 as global oil production growth picks up," EIA said.
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