Oil prices are on track for their largest annual decline since 2020, with Brent down nearly 18% and WTI down about 19% for 2025. The decline is attributed to a persistent supply surplus, driven by OPEC+ increasing output and resilient non-OPEC production, overshadowing geopolitical tensions that intermittently supported prices. U.S. crude stockpiles have risen sharply, reinforcing concerns that supply is outpacing demand as the market prepares for an OPEC+ meeting on January 4.
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