Global energy markets are analysed, focusing on the anticipated crude oil price of around $74 per barrel in 2025 due to increased supply and weaker demand. Bitumen prices in various locations are also reported, showing stability in some areas (Bahrain) and slight fluctuations in others (India, Iran), with the overall outlook for 2025 considered positive by Bitumen Africa. These market trends are viewed against the backdrop of geopolitical events including the ongoing war in Ukraine and the impending change in US presidential administration. A lack of clarity surrounds future Russian gas exports to Europe.