EIA – Short-Term Energy Outlook, Feb 2025

The EIA's Short-Term Energy Outlook for February 2025 provides forecasts on global oil inventories, production, and energy prices. OPEC+ production cuts are expected to keep oil prices near current levels through early 2025, with Brent crude averaging $74/b in 2025. Global oil production is forecast to rise due to increased supply from non-OPEC+ countries. U.S. electricity generation is projected to grow, driven by renewable energy, while natural gas prices are expected to rise through 2026.