Part 5/8:
According to the Energy Information Administration (EIA), the oil market's current supply is exceeding demand, resulting in the accumulation of stockpiles at a staggering rate of nearly one million barrels daily. Future price predictions portray a smattering of pessimism, with projected averages for Brent crude (the global oil price benchmark) ranging from $74 in 2025 to $66 next year.
If these predictions hold, WTI prices may hit an even lower bracket of $61 to $63 per barrel, which would spell disinterest in new drilling ventures in the U.S.