Citigroup Oil Price Projections Through Q1 2025
Citigroup projects an average Brent crude oil price of $74 per barrel by the end of 2023.
The bank anticipates prices will drop to $65 per barrel in Q1 2025.
Ongoing Middle East tensions could drive prices up to $120 per barrel due to concerns over supply disruptions from potential conflicts between Israel and Iran.
If OPEC Plus increases oil production in December, prices could fall to $60 per barrel in late 2023 and stabilize at $55 in early 2024.
