Morgan Stanley has revised its oil price forecasts downward, reflecting expectations of increased supply from OPEC and non-OPEC producers amid signs of weakening global demand
, the bank said in a report this week. The firm now anticipates that while the crude oil market will remain tight through the third quarter, it will begin to stabilize in the fourth quarter and potentially move into a surplus by 2025. The adjustment comes as Morgan Stanley lowers its global oil demand growth estimate to 1.1 million barrels per day bpd for 2024, down slightly from its previous forecast of 1.2 million bpd.
Consequently, the firm has cut its Brent price forecast for the fourth quarter to $80 per barrel, down from $85, and now expects prices to gradually decline to $75 per barrel by the end of 2025, slightly lower than their previous estimate of $76. China's economic slowdown has been a significant factor in this revised demand outlook.
Oil Oil Prices Oil Supply Oil Demand Crude Inventories OPEC
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