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World oil prices

US Department of Energy downgrades outlook on Brent price for 2025 to $67 per barrel

In 2026, the Brent price will average $51 per barrel, according to the forecast

MOSCOW, August 12. /TASS/. The US Department of Energy has downgraded its outlook on the average price of the Brent crude oil for 2025 by 1.5% to $67.22 per barrel from $68.89 per barrel, according to a report by the Energy Information Administration (EIA).

Meanwhile the department predicts that the price of futures contracts of Brent crude oil will fall from $71 per barrel in July to $58 per barrel in the fourth quarter of this year due to growing global reserves following the decision of eight OPEC+ countries to accelerate the exit from voluntary oil production restrictions and increase production. In 2026, the Brent price will average $51 per barrel, while in March the price of futures contracts may fall to an average of $49 per barrel, according to the Department of Energy.

A decrease in oil prices below $50 per barrel will lead to some producers starting to reduce production, experts from the US Department of Energy believe. In particular, they expect OPEC+ nations to reduce output by 0.2 mln barrels per day in 2026 compared to the fourth quarter of 2025.

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Putin explains what it takes to avoid big mistakes

When asked about the potential establishment of a BRICS currency and other alternative systems of payment aimed at reducing dollar dependence, Vladimir Putin noted that "in this process there's no rush anywhere"

NATO has decided to disband NATO-Russia Council, says Sikorski

The decision was announced to the alliance's foreign ministers by NATO Secretary General Mark Rutte

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The Russian president added that Kabul is also making strides in combatting terrorism

Russian oil supplies to India going seamlessly — Putin

The head of state added that Russian energy companies view their Indian counterparts as reliable and very serious partners

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Ukraine’s population, which stood at 42 million before the conflict, has now shrunk below 36 million

Donbass’ 30-50 km space mentioned by Rubio crucial to water supply — Ukraine’s former PM

Nikolay Azarov underscored the severity of the situation

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European Commissioner for Home Affairs and Migration Magnus Brunner announced that the EC is launching a European anti-drug strategy

Russian diplomat points to growing fragmentation and politicization of int’l relations

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The European Union "needs to be independent or at least be ready to be strong in geopolitical developments," Andrius Kubilius said

European Commission’s decision to blacklist Russia completely politicized

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Top stories from the Russian press on Wednesday, December 3rd

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The Results of the Negotiations in Moscow: What the Parties Are Willing to Concede

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Melania Trump welcomes reunion of seven children with their families in Ukraine

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Chaos ensues at several Indian airports as over 200 flights canceled — TV

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Putin says freedom must be fought for only by legal means

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Putin likes how Russian intelligence does its job, makes no comment on foreign ones

The Russian leader still described the CIA and Mossad as powerful intelligence agencies

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