Fitch Sees Oil at $70 in 2025 on Moderating Demand Growth ...Middle East

Oil demand growth next year is likely to be in line with this year’s tepid increase and the slower pace of growth compared to 2022 and 2023 would result in oil prices averaging $70 per barrel in 2025, Fitch Ratings said on Wednesday. This year, oil prices have averaged about $80 per barrel. “Fitch expects oil prices to decrease to USD70/bbl in 2025 from an average of USD80/bbl in 2024, due to moderating demand growth and higher production from non-OPEC+ countries, leading to oversupply,” the rating agency said in a report. Geopolitical…

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