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Global Oil Prices Fall in Q1 2025

Adi Ahdiat 08/04/2025 17:30 WIB

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According to World Bank data, global crude oil prices decreased in the first quarter of 2025. However, there is potential for price strengthening in the coming months.

Average Global Oil Price per Month (January 2020-March 2025)*

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Average Global Oil Price per Month (January 2020-March 2025)*

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According to World Bank data, the average global oil price decreased in the first quarter of 2025 (January-March).

Until March 2025, the average price of Brent crude, West Texas Intermediate (WTI), and Dubai crude oil was US$70.70 per barrel, the lowest since the beginning of the year.

The average global oil price in March 2025 was also approximately 15% lower year-on-year.

However, the U.S. Energy Information Administration (EIA) anticipates a potential increase in oil prices in the coming months.

"We expect global oil inventories to decline in the second quarter of 2025, partly due to lower crude oil production in Iran and Venezuela. As a result, in our forecast, the Brent crude oil spot price will rise from around US$70 to US$75 per barrel in the third quarter of 2025," the EIA stated in its March 2025 Short Term Energy Outlook.

The EIA projects that global oil inventories will only increase again starting at the end of 2025, coinciding with the potential increase in production from OPEC+ and non-OPEC countries.

"Consequently, we forecast the Brent crude oil price to fall to an average of US$68 per barrel in 2026," said the EIA.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Oil Prices Fall in Q1 2025

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