Barclays revised its forecasts for brent oil Prices

Barclays* revised down its forecasts for Brent crude oil prices, citing a stronger-than-expected increase in production by OPEC+ countries.

The bank now forecasts that the average Price of A barrel of Brent will Be $66 in 2025 (down $4 from Its previous forecast) And $60 In 2026 (down $2).

Key points that influenced the forecast revision:

  • OPEC+ production Increase:In June, OPEC+ countries significantly increased oil production, increasing it by 411,000 barrels per day. This is the second month in a row that there has been an aggressive increase in supply.
  • Saudi Pressure:Saudi Arabia is putting pressure on OPEC+ countries that are not meeting their quotas (for example, Iraq and Kazakhstan) to increase production and compensate for the backlog.
  • Cancellation of OPEC+ production cuts:Barclays expects OPEC+ to fully lift voluntary production curbs by October 2025, a year earlier than previously expected.
  • US production forecast cut:The bank also adjusted downward its forecasts for U.S. oil production, expecting a decline of 100,000 bpd in 2025 and 150,000 bpd in 2026.
  • Falling oil prices:Brent crude fell more than $2 in early trading on Monday, falling to $59.20 a barrel (as of 0250 GMT).
  • Market imbalance:Barclays believes faster oil supply growth could create a slight imbalance in the global market, putting further pressure on prices.

*Barclays-one of the largest financial conglomerates in the UK and the world with a wide presence in Europe, the USA and Asia. The conglomerate's operations are carried out through its subsidiary Barclays Bank PLC, which is the second largest UK bank by assets (after HSBC).

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