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US Department of Energy upgrades outlook on Brent price for 2025 to $68.76 per barrel

The US Department of Energy also expects OPEC+ oil production on average 1.3 mln barrels per day lower than its target levels, considering expectations of a significant increase in global oil inventories

MOSCOW, November 12. /TASS/. The US Department of Energy has upgraded its outlook on the average price of the Brent crude oil for 2025 by 0.17% to $68.76 per barrel from $68.64 per barrel, according to a report by the Energy Information Administration (EIA).

Meanwhile the department predicts that Brent prices will fall to $54 per barrel in the first quarter of 2026 due to the growth of global oil reserves.

The US Department of Energy also expects OPEC+ oil production on average 1.3 mln barrels per day lower than its target levels, considering expectations of a significant increase in global oil inventories.