The American Energy Department changes its forecasts for crude oil prices and U.S. production volume.

The U.S. Energy Information Administration (EIA) issued a report on Wednesday in which it adjusted its forecasts for crude oil prices for the upcoming year. The EIA predicts that the average price of Brent will reach $76.06, a decrease of 2% from previous estimates of $77.59. Meanwhile, the price of West Texas Intermediate crude is expected to reach $71.60 in 2025, a decrease of 2.1% compared to previous estimates of $73.13. Regarding U.S. oil production, the EIA expects U.S. oil production to reach 13.53 million barrels per day by 2025, a slight decrease from the previous estimate of 13.54 million barrels per day. As for U.S. oil production by the end of this year, the agency expects U.S. crude oil production to be at 13.23 million barrels per day.