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Free AccessBrent Could Rise to $90/bbl Under a Bullish Scenario: Citi
Brent could rise to $90/bbl if Middle East disruption spreads amid escalating tensions according to a bullish scenario from Citigroup.
- Attacks in the Middle East may cause “enough disruption and uncertainty that an oil price pop could take place,” but looser fundamentals will act as a counterweight.
- The base-case outlook is for a Brent forecast of $80/bbl.
- Demand growth is forecast at 1.3mb/d in 2024, but dips to 700kb/d in 2025.
- “This deceleration in demand growth is one of the key factors, along with strong non-OPEC+ supply growth and weak OPEC+ production cut compliance, that should loosen up market fundamentals.”
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.