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OIL: Brent Could Fall to $60/bbl in 2025 Amid Market Surplus: Citigroup

OIL

Brent crude prices could fall to $60/bbl in 2025 amid plentiful supplies, according to Citigroup cited by Bloomberg.

  • “Oil balances look exceedingly weighty, with global balances moving into meaningful surplus even if OPEC+ extends all cuts through to end-2025.”
  • The market surplus is set to rise to 2.5mb/d next September if OPEC+ proceeds with the provisional plan to unwind curbs as announced earlier this month.
  • Brent is forecast at $82/bbl in three months before falling during Q4 and into next year. 

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