Morgan Stanley raises H2 2025 Brent forecast

06/12/2024 Argaam

Morgan Stanley raised its Brent price view for the second half of 2025, expecting a slight oil market surplus following an OPEC+ decision to delay and slow plans for higher output.  

 

The bank raised its Brent price forecast for the second half of 2025 to $70 from $66-68 per barrel in a note dated Dec 5.

 

This came after OPEC+ agreed on Thursday to delay its plan to raise oil production until April next year.

 

The gradual unwinding of 2.2 million barrels per day (bpd) from production cuts will begin in April 2025 and continue until September 2026.

 

"In aggregate, this reduces our estimated surplus in 2025 from 1.3 to 0.8 million bpd in our total liquids balance, and from 0.7 to 0.3 million bpd in our crude-only balance," Morgan Stanley noted.

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