Both U.S. and global oil production are set to rise to slightly larger record highs this year than prior forecasts, the U.S. Energy Information Administration said on Wednesday.

The Energy Information Administration lowered its 2025 forecasts for U.S. and global benchmark crude-oil prices, citing an expected climb in global oil production starting in the second quarter of next year,

The U.S. Energy Information Administration lowered its Brent spot average price forecast for next year in its latest short term energy outlook.

Global oil demand is expected to expand by 920 kb/d this year, the International Energy Agency said on Thursday, while it expects global supply to exceed consumption by more than 1 mb/d next year, primarily due to a slowdown in China's economy.