We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in 2025, close to the 2023 average of $82/b. Our forecast for relatively little price change is based on expectations that global supply and demand of petroleum liquids will be relatively balanced.
Will the Brent crude oil price rise or decline?
Although we forecast prices to average near $80/b over the next two years, our price forecast remains uncertain. We generally expect the Brent crude oil price is more likely to decline than rise because we expect global oil production will more likely exceed our forecast than fall short of our forecast.
Does trading economics verify data on Brent crude oil?
Trading Economics does not verify any data and disclaims any obligation to do so. Brent increased 6.38 USD/BBL or 8.28% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on May of 2024.
