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OIL: HSBC Cut 2025 Brent Forecast to $70/bbl on Market Surplus

OIL

HSBC has cut its Brent crude forecast for 2025 and beyond from a previous estimate of $76.50/bbl to $70/bbl, according to Bloomberg.

  • A global oil market surplus is expected at 1mb/d in Q1 2025 and at 600kb/d overall in 2025.
  • “OPEC+ has no space to unwind remaining cuts” and the plans to restore supply from December is “incrementally bearish.”
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HSBC has cut its Brent crude forecast for 2025 and beyond from a previous estimate of $76.50/bbl to $70/bbl, according to Bloomberg.

  • A global oil market surplus is expected at 1mb/d in Q1 2025 and at 600kb/d overall in 2025.
  • “OPEC+ has no space to unwind remaining cuts” and the plans to restore supply from December is “incrementally bearish.”