The US Energy Information Administration (EIA) expects oil prices to fall in the coming period as global supply grows at a faster pace than demand for petroleum products.
In its August report released today, Aug. 12, the EIA stated that the average price of Brent crude is projected to drop below $60 per barrel in the fourth quarter of 2025, marking the lowest quarterly level since 2020.
The report also noted that, for the first time since it began forecasting OPEC+ production in 2023, the majority of the increase in global output is expected to come from OPEC+ countries.
Acting EIA Administrator Stephen Nalley said there is considerable uncertainty in the oil market, with supply growth forecast to outpace the rise in demand.
The EIA also expects the decline in oil prices to lead to lower gasoline and diesel prices in the US market, along with a decrease in domestic crude production from the record levels seen earlier this year.
The US Energy Information Administration (EIA) expects oil prices to fall in the coming period as global supply grows at a faster pace than demand for petroleum products.
In its August report released today, Aug. 12, the EIA stated that the average price of Brent crude is projected to drop below $60 per barrel in the fourth quarter of 2025, marking the lowest quarterly level since 2020.
The report also noted that, for the first time since it began forecasting OPEC+ production in 2023, the majority of the increase in global output is expected to come from OPEC+ countries.
Acting EIA Administrator Stephen Nalley said there is considerable uncertainty in the oil market, with supply growth forecast to outpace the rise in demand.
The EIA also expects the decline in oil prices to lead to lower gasoline and diesel prices in the US market, along with a decrease in domestic crude production from the record levels seen earlier this year.
