BAKU, Azerbaijan, August 28. The Research and Expert Review Institute of Vnesheconombank (VEB) Russia has released its oil price forecasts at the end of 2024 and for 2025, Trend reports via VEB.
According to the report, VEB analysts predict that spot prices for Brent crude will hover around $80 per barrel in the coming months, with potential fluctuation of ±5 percent.
“The average Brent price for 2024 will be approximately $82 per barrel. Prices are expected to be influenced by ongoing tensions in the Middle East, OPEC+ production restrictions, and increased oil output in Canada and the US,” VEB forecasts.
This year, Brent prices peaked in July, suppressing $90 per barrel. The Institute also notes that in 2025, a gradual exit of some OPEC+ countries from voluntary production cuts will likely lead to a decrease in average prices to $80 per barrel.
The average price of Urals crude oil in July decreased to $74 per barrel, up to6.4 percent from the previous month, and the discount to the Brent spot price narrowed to $11.30, VEB reports via Russia’s Ministry of Economic Development.
In the first half of August, Urals prices fell to $70 per barrel, FAS methodology reports.