BMI Announced Latest Brent Crude Oil Price Forecasts

SEATTLE (Oil Monster): BMI Research, part of Fitch Solutions Group Limited, announced its latest forecasts for Brent crude oil prices.

According to BMI, the prices are likely to average at $80 per barrel this year. It expects a higher price of $84 per barrel for the commodity in 2024 and 2025. Also, the prices are expected to witness a decline to $80 per barrel in 2026 and 2027. The BMI forecasts remained unchanged when compared with the previous report.

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The report cites Bloomberg consensus which projects the price of the commodity at $81 per barrel in 2023, $83 per barrel in 2024, $81 per barrel in 2025, $78 per barrel in 2026, and $70 per barrel in 2027. It must be noted that the earlier Bloomberg consensus report had predicted Brent oil prices at $82 per barrel in 2023, $85 per barrel in 2024, $82 per barrel in 2025, $79 per barrel in 2026, and $67 per barrel in 2027.

The report noted that market fundamentals have begun to reassert themselves over price action. The strong market demand coupled with ongoing supply curbs by OPEC+ countries will drive the market into deep deficit. The commodity has been successful in overcoming the impacts of several bearish macro data released by major economies over the past one month, the BMI research report said.