ANN/THE STAR – The possibility of a Ukraine ceasefire, the move by OPEC+ to boost output and the threat of tariffs on key economies are a confluence of bearish factors for oil markets.
For now, the market is reconciling to the fact that despite expectations of a decline in supplies from Libya and Venezuela and the disruption in exports from Kazakhstan, the growth in output in other key pockets amid sluggish demand would be enough to keep a lid on prices.
S&P Global Commodity Insights forecasts that global oil and liquids production will outpace demand throughout the year. Consequently, Platts Dated Brent is projected to average USD73 per barrel in 2025, lower than the USD81 per barrel average recorded in 2024, with further declines anticipated in 2026.
