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US Department of Energy raises 2025 Brent oil price forecast to $68.91 per barrel

At the same time, the agency expects global oil inventories to continue growing, which will exert significant downward pressure on prices

MOSCOW, December 9. /TASS/. The US Department of Energy has raised its forecast for the average price of Brent crude in 2025 by 0.22% to $68.91 per barrel, up from $68.76 per barrel, according to a report by the department’s Energy Information Administration (EIA).

At the same time, the agency expects global oil inventories to continue growing, which will exert significant downward pressure on prices. It anticipates that Brent crude will fall to $55 per barrel in the Q1 and remain near that level throughout 2026.

According to the Department of Energy’s forecast, the average Brent price in 2026 will be $55.08 per barrel.

The agency also expects OPEC+ production policy — together with China’s continued accumulation of reserves — to help limit the decline in prices in 2026. In addition, the department expects OPEC+ to produce 1.3 mln barrels per day below plan.