Expected slowdown in oil demand to pressure crude prices this year — Reuters

In the opinion of economists surveyed by Reuters, oil prices will remain under pressure in 2025 due to US tariffs and slower economic growth in major countries such as India and China. These circumstances will have a negative impact on energy consumption. Meanwhile, OPEC+ plans to increase production volumes, which is expected to result in a market surplus.

According to a Reuters poll, the average price of Brent oil in 2025 will be $72.94 per barrel. WTI will cost about $69.16 per barrel. Oil output will increase by 300,000 barrels per day (bpd), Kpler forecasts. This will likely lead to an oversupply in the market.

OPEC estimates that global oil demand will increase by 1.45 million bpd this year. However, as the Reuters' respondents warned, the trade policy of the United States jeopardizes the realization of such a scenario, as it could provoke a slowdown in global economic growth.

According to LBBW analysts, US restrictions on the energy sectors of Venezuela and Iraq could reduce oil supply. However, the expected return of Russian crude to the market will put pressure on prices.