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Oil Prices Plunge 3% Amid Rising Production, Weak Demand

1/26/2025

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Summary

Story summary

Oil prices dropped approximately 3% in 2024, driven by stagnant post-pandemic demand and rising non-OPEC production.
Brent crude closed at $74.64, down from $77.04 in 2023, while WTI held steady at $71.72.
U.S. oil production hit a record 13.46 million bpd in October, with expectations for continued growth.
Analysts foresee an oil market surplus entering 2025, impacted by weak Chinese demand and possible U.S. sanctions on Iran.

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Story summary

Oil prices dropped approximately 3% in 2024, driven by stagnant post-pandemic demand and rising non-OPEC production.
Brent crude closed at $74.64, down from $77.04 in 2023, while WTI held steady at $71.72.
U.S. oil production hit a record 13.46 million bpd in October, with expectations for continued growth.
Analysts foresee an oil market surplus entering 2025, impacted by weak Chinese demand and possible U.S. sanctions on Iran.