US EditionEIA's STEO: Geopolitics Push Oil Up, But Glut Still Looms
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2 Articles
EIA's STEO: Geopolitics Push Oil Up, But Glut Still Looms
Oil prices have inched up, but the EIA says don’t get used to it. The July Short-Term Energy Outlook (STEO) raised its 2025 Brent forecast by $3 to $69/bbl, citing a spike in geopolitical risk from the mid-June Iran nuclear conflict. But that bump is expected to be short-lived. With inventories building, the agency sees Brent falling to $58/bbl in 2026—a dollar lower than last month’s projection. Meanwhile, U.S. crude output is peaking. Producti…
The closure of the Strait of Ormuz, approved by the Iranian Parliament after the bombings of the United States, is more than a tactical turn in a regional conflict. It is a brutal warning about how we have designed the world: vulnerable, dependent and governed by the pulses of a barrel of oil. It is NOT AN ENERGY CRISIS: IT IS A POLITICAL CRISIS Through the Strait of Ormuz more than 20 million barrels of crude flow per day, according to the U.S.…
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