06:04 AM EST, 01/22/2025 (MT Newswires) -- The benchmark Brent crude oil price is forecast to fall to US$74 per barrel in 2025 and to US$66/b in 2026, from US$81/b in 2024, on strong supply growth and slower demand growth globally, the U.S. Energy Information Administration reported Tuesday.

Strong global growth in production of petroleum and other liquids are expected to put downward pressure on prices and help offset heightened geopolitical risks and voluntary output cuts from members of the Organization of the Petroleum Exporting Countries, the EIA said.

Prices are expected to fall in 2026 mainly because of growing production in non-OPEC+ countries and demand growth that is less than the pre-pandemic average, the agency noted.

OPEC+ members are seen to continue curtailing output in 2025 and 2026 to prevent prices from falling further, according to the EIA. Lower prices are projected to reduce drilling activity and investment in U.S. production of crude and other liquids.

Uncertainties remain as OPEC+ members might change their policies on the prospect of ceding further market share to non-OPEC members, and changes in economic growth rates and other systemic changes could later the trajectory of global oil consumption, the EIA noted