Citi analysts have painted a bleak picture for the oil market, forecasting a significant price drop by 2025. According to their latest note, they anticipate a decline to $60 per barrel for Brent crude, marking a decrease of over 20% compared to current market expectations. The report suggests that while short-term volatility may lead to some upside risks, the long-term trend is bearish.
The expected surplus in the global oil market by 2025, despite efforts by OPEC+ to curtail production, is cited as the main reason behind the pessimistic outlook.…Citi Says Oil Could Crash to Sub-$60 Level
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