The United States has updated its petroleum price prediction. The expectation for oil in 2025 has been reduced from $74.50 to $74.22. The US Energy Information Administration (EIA) has revised its oil price forecast downward for this year. According to the “March 2025 Short-Term Energy Outlook Report” by the EIA, concerns about economic growth due to customs tariffs have led to an average barrel price of Brent crude oil reaching $75, showing a $4 decline from the previous month and an $8 drop from the same period last year. The report predicts a relatively tight global oil market until mid-year, with expectations of increased oil inventories in the future. It is forecasted that there will be a slight decrease in oil inventories in the second quarter of the year due to reduced crude oil production in Iran and Venezuela. As a result, it is expected that the average barrel price of Brent crude oil will rise from around $70 in the third quarter to $75. However, it is anticipated that as the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ relax their production cuts and non-OPEC oil production increases, oil inventories will rise towards the end of 2025 and throughout 2026, putting downward pressure on crude oil prices. Based on this, the average barrel price for Brent crude oil in 2025 is expected to be $74.22, as opposed to the initial estimate of $74.50 mentioned in the previous report. The average barrel price for West Texas Intermediate (WTI) crude oil is forecasted to be $70.68, compared to last month’s calculation of $70.62. The EIA had previously announced average barrel prices of $80.56 for Brent crude oil and $76.60 for WTI crude oil in the previous year. The daily average crude oil production in the US is expected to reach approximately 13.61 million barrels this year, compared to about 13.22 million barrels recorded last year. In the previous report, the US crude oil production was estimated at 13.59 million barrels for this year. Furthermore, the daily global oil supply for this year is forecasted at 104.17 million barrels, while global oil consumption is expected to be 104.13 million barrels per day.