Having marketed our 2025/2026 Oil Outlook over the last couple weeks, we address the feedback and questions we received from our clients. To recap, Brent crude oil is on track to average $80 per barrel in 2024, which is $3 below our projections from last June. We expect the price to decline to $73 in 2025, remaining largely consistent with our 2024 Outlook published last November, before slipping to $61 in 2026. Surprisingly, our demand outlook did not face significant pushback; however, there was considerable disagreement regarding our supply forecasts, especially concerning production levels in Brazil and the US. Additionally, our perspectives on Iran positioned us as outliers compared to the broader market consensus. Notably, there were no strong opinions expressed regarding the outlook for 2026.

Speakers

Natasha Kaneva, Head of Global Commodities Research 

This podcast was recorded on December 20, 2024.

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