Oil Prices to Remain Stable Despite Political Uncertainty
Analysts are holding their oil price predictions largely steady as they expect any impact from further U.S. sanctions to be balanced by ample supply and a possible peace deal between Russia and Ukraine, a Reuters poll showed. The survey of 41 economists and analysts forecast Brent crude would average $74.63 per barrel in 2025, up from a forecast of $74.57 in January. Global oil demand is expected to grow by 788,000 to 2.0 million barrels per day (bpd) in 2025.
- The complex interplay between supply and demand dynamics suggests that the global energy market has become increasingly resilient to political shocks, but this resilience may be short-lived if geopolitical tensions escalate.
- How will the ongoing dialogue between Russia and Ukraine impact the timing and extent of any potential price spike, and what are the implications for the broader global economy?