Rey Trevino, Vice President of Pecos Country Operating, has predicted that global oil prices will likely remain between $65 and $75 per barrel into 2025, as OPEC is rumoured to increase production to compete with US oil output.
Despite recent fluctuations, with Brent crude and West Texas Intermediate prices dropping by 10% this month, Trevino noted that lower gasoline prices in the US—below $3 per gallon—are expected to continue. OPEC’s anticipated production surge, set to add 180,000 barrels per day starting in December 2024, could drive prices further down, particularly as global demand slows and market surpluses loom.
Analysts remain divided on the outlook for oil prices. BMI analysts maintain a forecast of $78 per barrel in 2025, while Bernstein suggests prices could fall to $55 per barrel if OPEC follows through with its production plans.
Trevino explained to GB News the importance of American oil production, both for national and global security, and credited the country’s robust output for helping to combat inflation. He pointed out that the US is now in direct competition with OPEC, with oil and gas production playing a significant role in stabilizing the US economy and reducing inflation pressures.
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