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Market Speak: EIA cuts oil price forecast for third straight month amid glut fears
11-Jun-2025 12:31
The US Energy Information Administration slashed its oil price forecast for the third consecutive month, projecting Brent to average $61 per barrel in 2024, down $1 from May's outlook. In its June Short-Term Energy Outlook, the EIA cited persistent supply glut concerns driven by rising Opec+ output and weaker demand linked to US-led tariffs. Brent prices dropped to $64 in May, marking a fourth straight monthly decline. While US crude production reached a record 13.5 million barrels per day in Q2, the EIA expects output to ease to 13.3 million bpd by late 2026 due to falling rig activity and lower prices.

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