Citi Research ($C (+0.59%) ) has revised its Brent price forecasts ($BRNT (-0.08%) ) for 2024 and 2025 lowered due to concerns about oversupply.

Nevertheless, prices are expected to 2024 above 70 US dollars per barrel in 2024, as the global oil market is expected to remain Citi by OPEC+ is "finely balanced".

The recent events in the Red Sea could lead to an increase in the risk premium in the short term.

The forecast for 2024 envisages that OPEC+
production cuts will be maintained and only 2025 to start reducing them.

For 2025 challenges for OPEC+ expected, as despite extended production cuts a considerable surplus is looming, which could make it difficult to maintain the price of 70 US dollars per barrel for Brent.