Fitch Ratings international rating agency has updated its average oil price forecast for 2025-2028, APA-Economics reports citing Fitch.
"We have kept all oil price assumptions unchanged. OPEC+ had large spare capacity of over 6 million barrels per day (MMbpd) in January and indicated plans to start unwinding its production cuts from April. Blanket US tariffs on China may weigh on global economic growth and oil demand, increasing oversupply and adding to pressure on oil prices," Fitch says.
The IEA forecasts global oil supply will grow by 1.6MMbpd in 2025, and demand increase by about 1MMbpd.
The price of one barrel of Brent crude oil is expected to be $70 in 2025, $65 in 2026, $65 in 2027 (no change in forecast), and $60 in 2028.
According to the assumption, the price of WTI crude oil is expected to be $65 in 2025, $60 in 2026, $60 in 2027 (no change in forecast), and $57 in 2028.
The report notes that the average price of Brent in 2024 was $80.5, and WTI's price was $76.6.
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