Barclays Bank Cuts 2025 Brent Price Forecast

Barclays Bank has cut its Brent crude oil price forecast for 2025, citing weaker demand prospects amid heightened economic uncertainty.

According to estimates released Friday, the bank lowered its Brent crude oil price forecast by $9 per barrel to $74 per barrel.

“We are revising our 2025 demand forecast by 510,000 barrels per day due to weaker fundamentals and heightened economic uncertainty,” Barclays analysts said in a note reported by Reuters.

Barclays also sharply lowered its oil demand forecast, now expecting growth of 900,000 barrels per day for the full year.

The International Energy Agency warned on Thursday that global oil supply could exceed demand by about 600,000 barrels per day this year, due to US-led growth and weaker-than-expected global demand.

US crude oil production is expected to rise by 200,000 barrels per day by the end of the fourth quarter compared to the same period last year.