Oil may average $60-70 in 2025, say analysts

Crude Call: Experts See Slump

- ARUNIMA BHARADWAJ

CRUDE OIL PRICES are expected to average $60-70 per barrel in 2025, with potential to dip below $60 by year-end as the Organisation of Petroleum Exporting Countries (OPEC) increases supply and global demand weakens, analysts said.

Benchmark Brent hovered at $66 per barrel on Monday. Prices, however, rose after OPEC, led by Saudi Arabia, decided to raise output from October at a slower pace than earlier.

"Prices are expected to soften and remain in the range of $60-$64 per barrel in the near term, potentially coming down to $55-$60 per barrel by early 2026 if supply continues to rise," said Sourav Mitra, Partner, Grant Thornton Bharat. "This trend is driven by increased global inventories, moderated demand, and macroeconomic stability," he added.

The cartel's eight members agreed to lift production by 137,000 barrels per day from October, smaller than earlier hikes of about 555,000 bpd in September and August and 411,000 bpd in July and June.

The move comes as Saudi Arabia seeks to regain market share even as crude trades below $70/bbl, analysts noted.