MNI BRIEF: Japan Nov Sentiment, Outlook Indexes Rise

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BofA Expect Brent to Average $80/bbl in 2024 and 2025

OIL

Brent crude prices are expected to average $80/bbl in 2024 and 2025 with a balanced market according to BofA.

  • “Oil prices should stay anchored near-term” amid “substantial non-OPEC+ supply growth over the next few years.”
  • Rising spare production capacity to 5mb/d due to OPEC+ production cuts and non-OPEC+ supply growth is expected to cap upside while “OPEC+ has shown it can set a floor of $70.”
  • Brent is expected to average between $60 and $80 into 2029 with little change in the medium term.
  • Oil demand growth may have peaked with 2.3mb/d growth last year and estimated to slow to 1.3mb/d this year and 700kb/d between 2026-29.
  • Non-OPEC supply growth could average 700kb/d in 2024-29 but slower growth than previous estimates.
  • “While OPEC+ will likely try to force oil prices above $90/bbl, a big price spike seems unlikely barring large supply disruptions.”
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.