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MNI: EIA Sees Oil Stable Despite Middle East Tensions

(MNI) WASHINGTON

EIA expects OPEC+ to make cuts from its currently stated targets.

The U.S. Energy Information Administration expects oil production to be relatively unfazed by Middle East tensions so far, but prices are still seen rising later this year before receding modestly in 2025, the agency told MNI.

EIA said there hasn’t been a physical disruption to crude oil or refined product production to date, but tensions increase the risk of a disruption and can result in market participants taking action to hedge physical or financial losses.

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The U.S. Energy Information Administration expects oil production to be relatively unfazed by Middle East tensions so far, but prices are still seen rising later this year before receding modestly in 2025, the agency told MNI.

EIA said there hasn’t been a physical disruption to crude oil or refined product production to date, but tensions increase the risk of a disruption and can result in market participants taking action to hedge physical or financial losses.

Keep reading...Show less