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OIL: Brent to Average $80/bbl in 2025 as Market Faces Surplus: BofA

OIL
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Brent prices are expcted to soften in 2025 as the oil market faces a surplus over next 18 months, according to Back of America cited by Bloomberg

  • “Oil fundamentals should soften in 2025 as non-OPEC supply growth outstrips demand.”
  • Commercial and strategic inventories are expected to “build significantly” next year as the global oil market faces the second largest surplus in the past 20 years of 700k b/d.
  • Brent is forecast to average $86/bbl in 2024 before falling to average $80/bbl in 2025.
  • Non-OPEC+ supply growth is forecast to accelerate to 1.6mb/d in 2025, led by the US, Brazil, Canada and Guyana.
  • “Growth is slowing down materially” with an increase of 1.1mb/d forecast for 2025. 
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Brent prices are expcted to soften in 2025 as the oil market faces a surplus over next 18 months, according to Back of America cited by Bloomberg

  • “Oil fundamentals should soften in 2025 as non-OPEC supply growth outstrips demand.”
  • Commercial and strategic inventories are expected to “build significantly” next year as the global oil market faces the second largest surplus in the past 20 years of 700k b/d.
  • Brent is forecast to average $86/bbl in 2024 before falling to average $80/bbl in 2025.
  • Non-OPEC+ supply growth is forecast to accelerate to 1.6mb/d in 2025, led by the US, Brazil, Canada and Guyana.
  • “Growth is slowing down materially” with an increase of 1.1mb/d forecast for 2025.