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Citi Forecasts Oil Price Drop to $60s by 2025
By Tsvetana Paraskova - Jun 22, 2024

- Citi is one of the most prominent bears among major banks, expecting oil to drop into the $70s range later this year.
- Citi sees oil trading in the $60s range in 2025.
- Citi sees lower prices as they expect inventories to build in the fourth quarter of 2024.

Citi predicts that oil prices will plummet to the $60s range by 2025 as inventories build following a tight market this summer, signaling a bearish outlook despite current robust demand and higher prices.
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While the group has signaled willingness to begin unwinding part of the current supply cuts, the cartel and its non-OPEC allies led by Russia are unlikely to leave oil prices lingering in the low $70s and plunging to the $60s, as none of the alliance's producers can balance their budgets at these relatively low prices.

https://oilprice.com/Energy/Energy-General/Citi-Forecasts-Oil-Price-Drop-to-60s-by-2025.html