Bank of America Projects Average Oil Surplus of 890,000 bpd Over Next Year
ReutersAug 14, 2025 9:28 AM
Aug 14 (Reuters) - Bank of America:
PROJECTS AVERAGE SURPLUS OF 890,000 BARRELS PER DAY OF CRUDE OIL FROM JULY 2025 THROUGH JUNE 2026, RESULTING IN GLOBAL OIL INVENTORY BUILD UP OF 100 MLN BARRELS
REITERATE BEARISH OUTLOOK FOR 2H25 OIL PRICES, WITH BRENT AVERAGING $63.50/BBL, TEMPORARILY BREAKING BELOW $60/BBL
SAYS MONETARY/FISCAL POLICY, WEAKER USD, OPEC+ DISCIPLINE, AND LOWER US VOLUMES, MAY TRIGGER REBOUND ABOVE $70/BBL BY MID 2026
CONTINUES TO SEE LONG-DATED BRENT CRUDE OIL PRICES HOLDING UP IN A $60-$80/BBL RANGE AND EVEN PROJECTS A PRICE RECOVERY INTO 2H26
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