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Oil prices may soar by 62% in early 2025


October, 18 2024
watermark Economic news

CitiBank predicts that by the beginning of next year, the price per barrel may exceed $120, which is 62% more than current figures.


Such a «bullish» scenario is based on the expectation of possible Israeli actions in response to an Iranian missile attack, which could affect the key oil production infrastructure in Iran. This will lead to a reduction in production and an increase in oil prices.


Citi also provided a baseline forecast according to which oil prices will remain around $74 this year and then drop to $60 next year. This scenario is based on the assumption that major oil-producing countries such as Saudi Arabia and the UAE will intervene if there are supply disruptions.


OPEC+, according to Citi estimates, has additional production capacity of about 6 million barrels per day.


Other analysts also predict a rise in prices amid the Middle East escalation, but some believe that the risk of disruptions in oil supplies from Iran is low. Saudi Arabia's oil minister recently said that oil prices could fall by 33% because, in his opinion, OPEC+ producers are pumping too much oil.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.