The EIA’s Short-Term Energy Outlook sees Brent crude oil trending around $74 a barrel in 2025, down -8% from 2024, as global oil production is expected to grow more than global oil demand. US production is expected to make another all-time high in 2025, reaching 13.5 million b/d and eventually 13.6 million b/d in 2026. OPEC+ is also expected to increase production in 2025 which will lead to larger global oil stock builds and put downward pressure on prices from the supply side.