BMI Revealed Latest Brent Oil Price Forecasts

SEATTLE (Oil Monster): The analysts at BMI, a unit of Fitch Solutions, revealed their latest price forecasts for Brent oil.

As per the latest forecast, BMI expects the Brent oil price to average at $85 per barrel during the current year. The prices are expected to fall further to $82 per barrel in 2025, and $81 per barrel across 2026, 2027, and 2028. To meet the current year forecast, the crude oil prices will have to average at around $86 per barrel for the rest of the year.

ALSO READ:

BMI Foresees Dip in Australia's LNG Exports

BMI Announced Bullish Outlook for Asia Natural Gas Demand

The BMI analysts noted that it is extremely difficult to make a bullish outlook for Brent, given the bleak global macroeconomic outlook. The global economic growth has witnessed greater than expected resilience during the first half of the year. Also, prevailing high inflation rates, delay in interest rate cuts, hike in tariffs on China and the risks in connection with the U.S. presidential elections presents serious concerns during the second half of 2024 as well, it said.

The demand for Brent oil is not expected to remain bullish over the rest of 2024. The oil demand growth for the current year is projected at 1.9 million barrels per day. This is upon comparison with the average growth forecast of 1.4 million barrels per day across the EIA, IEA and OPEC.