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OIL: HSBC forecasts surplus oil in 2025, 2026 on strong supply, sluggish demand

OIL
BulletEnergy BulletsCommodities

{7i} HSBC forecasts surplus oil in 2025, 2026 on strong supply, sluggish demand growth: Reuters

  • HSBC expects the oil market to be in a surplus in 2025 and 2026 due to strong supply and sluggish demand growth, the bank said in a note on Tuesday.
  • A surplus of 200,000 b/d this year is forecast this year, revised from the previous forecast of a balanced market, which is likely to grow to over 1 mb/d in 2026 if OPEC+ continues to increase production as planned.
  • Brent prices are seen at $73/bbl this year and $70/bbl next year, with risks asymmetrically skewed to the downside. While prices are firmly capped on the upside by OPEC+ spare capacity, they could fall if global trade and economic activity slump, especially in light of U.S. tariffs, HSBC said.
  • HSBC expects the oil market to be in a surplus in 2025 and 2026 due to strong supply and sluggish demand growth, the bank said in a note on Tuesday.
  • A surplus of 200,000 b/d this year is forecast this year, revised from the previous forecast of a balanced market, which is likely to grow to over 1 mb/d in 2026 if OPEC+ continues to increase production as planned.
  • Brent prices are seen at $73/bbl this year and $70/bbl next year, with risks asymmetrically skewed to the downside. While prices are firmly capped on the upside by OPEC+ spare capacity, they could fall if global trade and economic activity slump, especially in light of U.S. tariffs, HSBC said. 
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{7i} HSBC forecasts surplus oil in 2025, 2026 on strong supply, sluggish demand growth: Reuters

  • HSBC expects the oil market to be in a surplus in 2025 and 2026 due to strong supply and sluggish demand growth, the bank said in a note on Tuesday.
  • A surplus of 200,000 b/d this year is forecast this year, revised from the previous forecast of a balanced market, which is likely to grow to over 1 mb/d in 2026 if OPEC+ continues to increase production as planned.
  • Brent prices are seen at $73/bbl this year and $70/bbl next year, with risks asymmetrically skewed to the downside. While prices are firmly capped on the upside by OPEC+ spare capacity, they could fall if global trade and economic activity slump, especially in light of U.S. tariffs, HSBC said.
  • HSBC expects the oil market to be in a surplus in 2025 and 2026 due to strong supply and sluggish demand growth, the bank said in a note on Tuesday.
  • A surplus of 200,000 b/d this year is forecast this year, revised from the previous forecast of a balanced market, which is likely to grow to over 1 mb/d in 2026 if OPEC+ continues to increase production as planned.
  • Brent prices are seen at $73/bbl this year and $70/bbl next year, with risks asymmetrically skewed to the downside. While prices are firmly capped on the upside by OPEC+ spare capacity, they could fall if global trade and economic activity slump, especially in light of U.S. tariffs, HSBC said.