The United States Energy Information Administration (EIA) announced on Tuesday in its latest Short-Term Energy Outlook that it doesn't anticipate the recent sanctions slapped on Russian oil to have a "significant" impact on production forecast.
"We forecast global production of liquid fuels will increase by 1.9 million barrels per day (b/d) in 2025 and 1.6 million b/d in 2026 because of a combination of supply growth from countries outside of OPEC+ [Organization of the Petroleum Exporting Countries plus other oil-producing countries] and the relaxation of OPEC+ production cuts," EIA shared.
Meanwhile, in the first trimester of 2025, global oil inventories are expected to fall given OPEC+ production cuts, keeping the prices of crude oil "near current levels." In the second quarter of this year through 2026, however, the inventories are seen rising due to gradual boosts in production "combined with relatively weak global oil demand growth."
