Experts predict a decrease in oil prices in 2025
05.11.2024
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Sergey Tereshkin, Founder and CEO of OPEN OIL MARKET:
"In 2025, the average price of Brent crude will drop below $70 per barrel. Key production growth will come from countries outside the OPEC+ agreement, including the United States, Brazil, Guyana, Canada, and Argentina.
The fact that OPEC+ postponed increasing quotas from October to December is directly related to the rising output in North and South America. OPEC+ countries cannot delay this decision indefinitely; sooner or later, the key participants in the deal may lose their resolve. It's no coincidence that rumors about Saudi Arabia's plans to boost oil production have surfaced in the media in recent weeks.
Translated using ChatGPT.
Source: https://www.vedomosti.ru/business/articles/2024/11/05/1072892-eksperti-prognoziruyut-snizhenie-tsen-.
#Oil Prices
#Oil Market Forecast
#2025 Price Predictions
#Global Energy Market
#Energy Trends
#Economic Outlook
#Crude Oil Prices
#Oil Demand and Supply
#Energy Industry Analysis
#Market Trends
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Sergey Tereshkin, CEO of the OPEN OIL MARKET platform for oil products and raw materials, explains this trend with the following factors:
Easing of OPEC+ quotas: Saudi Arabia, Russia, and other alliance members plan to increase oil production by December 2024, adding an extra 540,000 barrels per day to the market.
Rising production in Iran: Despite sanctions, Iran is ramping up oil production, reaching 3.25 million barrels per day in the first half of 2024, nearing its 2017 levels.
Growth in U.S. production: Output is projected to rise from 13.2 million barrels per day in the second quarter to 13.5 million barrels per day in the fourth quarter of 2024, driven by high prices that sustain profitability for shale projects.
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Sergey Tereshkin, CEO of the OPEN OIL MARKET platform for oil products and raw materials, explains this trend with the following factors:
Easing of OPEC+ quotas: Saudi Arabia, Russia, and other alliance members plan to increase oil production by December 2024, adding an extra 540,000 barrels per day to the market.
Rising production in Iran: Despite sanctions, Iran is ramping up oil production, reaching 3.25 million barrels per day in the first half of 2024, nearing its 2017 levels.
Growth in U.S. production: Output is projected to rise from 13.2 million barrels per day in the second quarter to 13.5 million barrels per day in the fourth quarter of 2024, driven by high prices that sustain profitability for shale projects.
Tereshkin notes that despite the increased supply, oil prices are expected to remain stable at around $80 per barrel until the end of 2024, with a potential price decline anticipated in early 2025.