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Oil prices could plummet to $40 a barrel in 2025 if OPEC+ reverses its production cuts, analysts warn, citing fears of a price war over market share. Current prices are around $72 for Brent and $68 for WTI, with a potential market surplus doubling if cuts are unwound. The outlook remains bearish, influenced by sluggish demand recovery and external supply increases, with predictions of Brent averaging $60 next year.
Oil prices fell over 4% following Israel's limited military action against Iran, which is not expected to disrupt oil supplies. Analysts predict Brent crude will struggle to reach $80 per barrel due to oversupply and a reduced risk premium, while market focus shifts to potential Iranian retaliation and ongoing ceasefire talks involving Hamas and Hezbollah.
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oil prices could drop to 40 dollars amid opec production cuts
United States Dollar
Citigroup Inc.
Eurasia Group
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OPIS
Kpler Inc.
USA
GUY
CHN
BRA
CAN
Tom Kloza
Saul Kavonic
Donald Trump
Henning Gloystein
Martoccia Francesco
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04:35 13.11.2024
oil prices drop as limited israel attack on iran eases supply concerns
United States Dollar
Commonwealth Bank of Australia
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Citizens, Inc.
Lipow Oil Associates
CAN
SEN
USA
IRN
ISR
AUS
BRA
ARG
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Saul Kavonic
Masoud Pezeshkian
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04:11 28.10.2024
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