Oil Price Forecast for 2025 and Beyond
Market to Return to Moderate Inventory Builds
The market should gradually return to moderate inventory builds in 2025 after the expiration of voluntary OPEC supply cuts in 4Q24. BMI Fitch Ratings and ING, in their oil price forecast for 2025, predicted a decline in Brent oil prices. BMI's projected Brent oil price to trade at $82bbl in 2025.
Global Economic Growth
Oil Price Forecast for 2025 and Beyond: A Crude Forecast for 2024 remains at $48 with economic growth forecast for 2025 at $46. India's economic growth forecast remains at 5.9% for 2024, expanding further to 6.1% in 2025. We forecast average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because we expect that global supply and demand for oil will be balanced over the next two years.
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