ICICI Bank Cuts 2025 Brent Crude Oil Forecast

SEATTLE (Oil Monster): A latest report published by ICICI Bank states that it expects the crude oil prices to trend downwards through the rest of the current year.

The bank significantly lowered its forecast for Brent crude oil price for the current year, primarily driven by subdued demand and escalating global supply. According to the latest forecast, the Brent crude oil prices are now expected to remain in the range of $60 to $70 per barrel. A persisting downward trend would see the price testing even lower levels of $55 per barrel.

 This is significantly lower than the bank’s previous forecast of $65 to $80 per barrel. Meanwhile, the average Brent crude oil price forecast for the current year has been lowered from the earlier projection of $72 per barrel to around $65 per barrel.

ICICI bank anticipates a net supply surplus of 1 million barrels per day (mbpd) over the course of the year. The increased oil production from OPEC as well as non-OPEC countries, coupled with projected sluggish growth in global oil demand is being cited as the reasons for the surplus.

The oil prices are unlikely to witness a meaningful recovery, unless there is a significant geopolitical crisis or a strong recovery in demand led by Chinese stimulus measures. The prices are expected to remain subdued in the absence of major supply shocks or demand accelerators, the report said.