Group 1 - The CEO of the Nigerian National Petroleum Corporation (NNPC) expects oil and condensate production to reach 1.9 million barrels per day by the end of the year [1]

Core Viewpoint - The U.S. Energy Information Administration (EIA) has released its Short-Term Energy Outlook (STEO), projecting a decrease in Brent crude oil prices and U.S. oil production for the coming years [1] Price Projections - The EIA forecasts that the Brent crude oil price will be $66 per barrel in 2025, down from a previous estimate of $68 per barrel [1] - For 2026, the projected price is $59 per barrel, revised from an earlier estimate of $61 per barrel [1] U.S. Oil Production Projections - The EIA anticipates U.S. oil production to reach 13.4 million barrels per day in 2025, a decrease from the prior estimate of 13.5 million barrels per day [1] - For 2026, the expected production is 13.5 million barrels per day, down from a previous forecast of 13.6 million barrels per day [1] Upcoming Reports - The next STEO report is scheduled for release on June 10 [1]