Leading international banks have revised their oil price forecasts downward. According to updated data, the average price of oil this year will be $58.3 per barrel, significantly lower than previous forecasts of $61.89 per barrel.
This is reported by Бізнес • Медіа
Experts have also presented long-term forecasts, indicating that by 2035, oil prices will fluctuate between $56.24 and $57.24 per barrel. These expectations are based on the anticipated increase in oil production in OPEC countries and the USA, alongside relatively stable global demand.
Price Dynamics and Impact on the Oil Market
The oil market is already showing negative dynamics – prices have dropped from $82 to $65 per barrel after OPEC decided to increase production. At the current pace of production growth by OPEC+ countries, their 18-month program could be completed as early as October.
The price drop has been particularly felt for Russian Urals crude oil, which has decreased by $15 over the year up to May, reaching $52 per barrel. This has significantly impacted the economic performance of Russian oil companies.
The fourth largest oil company in Russia, “Surgutneftegas”