BMI: Brent Crude Oil Price to Average at $76 Per Barrel in 2025

SEATTLE (Oil Monster): BMI, a unit of Fitch Solutions, said that Brent crude oil prices are expected to average at $76 per barrel in 2025. This is down from the previous forecast of $78 per barrel. The research note further noted that the prices are expected to start 2025 at a slightly lower level.

According to BMI research note, Brent crude oil prices remained relatively range-bound over November and into December, closing between US$71.80 per barrel and US$75.5 per barrel. The market entered somewhat of a holding pattern ahead of the key events such as OPEC+ meeting and Trump’s inauguration at the United States Capitol.

The OPEC+ decision to extend production cuts will translate into a further 263,000 barrel per day reduction in supply growth on an annual average basis next year. Still, the production growth is expected to exceed the expected growth in consumption by at least 450,000 barrels per day. The oil demand is likely to remain relatively well-supported, BMI noted.

The research note said that there are no notable risks to downside, as Trump’s actual tariff measures will be more limited than statements made before assuming office. The implementation of such tariffs will take time as well. Nevertheless, once implemented, the tariff measures are likely to have impact on oil prices, BMI said.