By Martin Shwenk Leade
Copyright indiatimes
ETMarkets.com
Citi analysts on Friday forecast Brent crude oil prices would fall to $60 per barrel by year-end and average $62 per barrel between the second and fourth quarters of 2026, citing OPEC+ production increases and China’s stockpiling. The bank revised its global liquids balance outlook after OPEC+ announced plans to unwind an additional 1.6 million barrels per day (mb/d) of voluntary cuts starting in October 2025. Citi said that could lead to stock builds of 1.1 mb/d in 2025 and 2.1 mb/d in 2026, adding slack to an already-loosening global supply. By end-2026, Citi estimates global liquids inventories could climb to 10.9 billion barrels, equivalent to 103 days of forward demand cover. Under a bear case scenario, Citi assigned a 30% probability of Brent prices falling below $60 per barrel, potentially to $50, on weaker global demand, faster growth in non-OPEC supply, and lower compliance among OPEC+ members.Live Events Its bullish scenario, with a 10% probability, could push Brent prices above $75 on increased geopolitical disruption. Global oil demand is expected to grow by 0.7 mb/d in 2025 and 1 mb/d in 2026, though trade disputes could trim diesel consumption by as much as 0.3 mb/d. Citi reaffirmed its Brent target of $60 per barrel over the next 6 to 12 months. Brent crude futures were trading at $66.93 a barrel by 1024 GMT while U.S. West Texas Intermediate futures at $62.92. Add as a Reliable and Trusted News Source Add Now!
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Read More News onBrent crude price forecastOPEC+ production cutsCiti oil price predictionglobal oil demand growthoil market analysis 2025oil inventory levelseconomic impact of oil pricesBrent crude futuresUS West Texas Intermediateoil price scenarios
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onBrent crude price forecastOPEC+ production cutsCiti oil price predictionglobal oil demand growthoil market analysis 2025oil inventory levelseconomic impact of oil pricesBrent crude futuresUS West Texas Intermediateoil price scenarios(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
