Expert forecasts Brent oil price until the end of 2024

No significant changes in the price of Brent oil are expected before the end of the year, it may trade in the range of $73-76 per barrel. The reason for the adjustment of oil prices was the news that Israel and the Lebanese Shiite movement Hezbollah are close to a ceasefire agreement. Olga Veretennikova, vice president of the analytical company Borsell, told Izvestia on November 26.

"Some changes in forecasts may be made if the nearest OPEC+ meeting, which will be held on December 1, will give the market surprises. At the moment, for example, Iran intends to propose to OPEC+ not to accept any more restrictions on oil production and to refuse to introduce new production limits. At the moment, Tehran has no reason to worry about its crude exports, as the country has taken measures to continue oil trade "under any conditions." If OPEC+ starts to increase production, it is likely to happen already in 2025, which will lead to an increase in supply and a decrease in quotations," she explained.

According to the expert, at the same time, US politicians and media are actively discussing the possible tightening of sanctions pressure on Tehran by the administration of US President-elect Donald Trump, including attempts to completely stop Iranian oil exports. Analysts estimate that the future head of the White House by new sanctions against Iran may "remove" from the market 1 million barrels per day.

"At the same time, it should be taken into account that the United States, in turn, under Trump may increase oil production. The above factors will lead to volatility in oil quotations in 2025," Veretennikova added.

According to the London exchange ICE Futures at 17:37 on November 26, the price of Brent per barrel was $73.57. Before that, on November 18, it reached $71.83, and on November 5 it was at $75.5.

In late October, Sergei Tereshkin, the founder and CEO of the Open Oil Market marketplace, gave Izvestia a forecast that the average price of Brent oil will fall below $70 per barrel in 2025. According to him, the market will be increasingly influenced by long-term factors, including stabilization of global demand.