EIA: oil prices to fall sharply on OPEC+ production increase

Oil prices will decline significantly in the coming months as rising OPEC+ output drives a large buildup in inventories, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook.

Oil stockpiles will rise by an average of about 2.1 million barrels per day through the second half of 2025 and remain elevated into next year, according to the report, which was finalized before the group decided to boost production further in October.