The Energy Information Administration’s (EIA) new short-term energy forecast confirms strong demand for 2025 but notes that the balance of supply and demand will shift toward oversupply in the back half of the year and 2026.
“We expect downward oil price pressures over much of the next two years, as we expect that global oil production will grow more than global oil demand,” the EIA wrote.” We forecast that the Brent crude oil price will average $74 per barrel (b) in 2025, 8% less than in 2024,...
https://www.freightwaves.com/news/strength-then-oversupply-parsing-the-latest-eia-oil-forecast