Citi sees Brent crude at $60 by year-end as OPEC+ ramps up production
Citi analysts on Friday forecast Brent crude oil prices would fall to $60 per barrel by year-end and average $62 per barrel between the second and fourth quarters of 2026, citing OPEC+ production increases and China’s stockpiling.
The bank revised its global liquids balance outlook after OPEC+ announced plans to unwind an additional 1.6 million barrels per day (mb/d) of voluntary cuts starting in October 2025.
Citi said that could lead to stock builds of 1.1 mb/d in 2025 and 2.1 mb/d in 2026, adding slack to an already-loosening global supply.
