According to the latest Short Term Energy Outlook (STEO), U.S. petroleum production is forecast to hit 13.41 million barrels per day (bpd) in 2025 due primarily to improved well productivity. Increased supply will lower prices in 2026 and result in a fall in output to 13.28 million bpd in 2026, which would constitute the first drop in production since 2021, but still higher than the 13.21 million bpd produced in 2024. U.S. oil demand will increase to 20.4 million bpd in 2025, in line with previous forecasts according to the Energy Information Administration (EIA). In 2026, oil demand will rise to 20.5 million bpd, versus a previous estimate of 20.4 million bpd.
Sources: EIA, WPI Crude oil production was driven by hi...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
Key Takeaways: Peace at last in the Persian Gulf? Over the weekend, the U.S. announced and Iranian officials confirmed a peace agreement, with formal ratification set for Geneva on 19 June. The announcement means the Strait of Hormuz is set to reopen fully and toll-free within 30 days.&n...
