Bank of America: oil prices to reach $65 per barrel by mid-2025

Bank of America analysts expect oil prices to fall to $65 per barrel in mid-2025 due to a glut in crude oil supply and a slowdown in demand growth, especially from China, the world’s largest importer of crude oil, as countries shift to clean energy.

According to Francisco Blanche, head of global commodities and derivatives research at the bank, oil will not suffer from a shortage in supply, so we maintain a bearish outlook on oil in 2025, according to what was reported by “Al Arabiya Business” from the “Yahoo Finance” website.

Blanche pointed out that the abundance of supply in global markets will prevent record highs like those that occurred in 2022 following the outbreak of the Russia-Ukraine crisis. He added, “Since then, America’s oil production has increased to the point that it now represents 20% of global oil production.”

The analyst added that with all these factors combined, there will be a large amount of supplies from Western Hemisphere countries entering the market, at a time when demand for oil is slowing.