“Our key expectation is for it to remain… Brent In the range of $70-85, with high surplus production capacity that limits price increases, while limiting price flexibility OPEC And shale oil supplies from lower prices.”
Prices recorded Oil An increase during Friday trading, as Brent crude futures rose to $74.37, after Russia announced the launch of a ballistic missile at Ukraine and warned of the possibility of expanding the conflict, which raised fears of a decline in crude supplies.
The bank expects risks that may push Brent prices higher in the near term, with prices potentially rising to the $85 range in the first half of 2025 if supply from Iran decreases by one million barrels per day due to the imposition of more stringent sanctions, according to Reuters.
The bank added that price risks in the medium term tend to the negative side due to the high spare production capacity.
“While there is ample spare capacity in oil production, we expect refining to remain very tight and margins to recover,” he said. benzene And diesel more so.”
The bank maintained its forecast that the average price of Brent crude would reach $76 per barrel in 2025, but reduced its forecast for 2026 to $71 per barrel in light of a surplus of 0.9 million barrels per day.
Most likely a bank Goldman Sachs Demand for oil will continue to grow for another decade, driven by rising overall energy demand coupled with GDP growth and continued challenges in decarbonizing the aviation and petrochemical sectors.
