February 24, 2024
London, UK

Oil Price Forecasts

Oil Price Forecasts

Here you can find the latest oil price forecasts from the major players around the globe. What analysts expect for the oil price in the next months.

FITCH RATINGS: Don’t expect a strong upside to our $80/BBL Brent price assumption for 2024. (1-24-2024)

Barclays cuts 2024 Brent crude forecasts by $8 to $85 a barrel. (1-11-2024)

Goldman Sachs: sees Brent crude oil prices to USD100/bbl by June 2024. Brent is unlikely to sustainably overshoot USD 105/bbl in 2024, upper end of the USD 80-105/bbl OPEC sweet spot range

JPMorgan cuts 2023 Brent crude forecast from $90 per bbl to $81 per bbl. (6-14-2023)

Goldman Sachs reiterated for Brent price target of $95 dollars by December 2023 and at $100 for April 2024. (5-8-2023)

Raymond James expects that WTI Brent will average $90 per barrel in 2023 and $105 in 4Q23. (4-3-2023)

ING increased the Brent price forecasts from $97 per barrel to $101 per barrel for the second half of 2023. (4-3-2023)

BofA keeps the forecast for Brent oil to $90 per barrel in the second part of 2023. (4-3-2023)

Goldman Sachs raised the December 2023 Brent oil price forecasts from $90 to $95 a barrel. The 2024 price forecast for Brent oil raised from $97 to $100 a barrel. (4-3-2023)

Bank of America sees Brent oil at $82 per barrel at the end of the first quarter of 2023, $86 in the second quarter of the year, $90 in the Q3 and $94 per barrel in the fourth quarter of 2023. (3-7-2023)

For the WTI crude oil Bank of America forecasts the price at $76 in the first quarter of 2023, $80 for the second quarter, $84 per barrel in the third quarter and $88 per barrel in the fourth quarter of 2023. (3-7-2023)

Goldman Sachs came out with fresh forecasts on Brent. The bank now sees Brent averaging $92 in 2023 and $100 by the end of 2024. The first quarter of 2023 expects Brent oil at $84 while for the second quarter of 2023 sees Brent at $90. (2-10-2023)

Trafigura’s Ben Luckock: Oil is expected to trade in the $80 to $100 range. (2-3-2023)

Morgan Stanley expects WTI Oil to average $82.5 in Q1 2023 and $87.5 in the second quarter of 2023, $97.5 in Q3. For Brent oil, Morgan Stanley sees $85 in Q1, $90 in Q2, $100 in Q3, $110 in Q4 and $110 in 2024. (1-12-2023)

Goldman’s Currie sees oil at $110 by the third quarter of 2023 on China reopening. (1-11-2023)

Goldman cuts its first quarter 2023 Brent oil forecast to $90 per barrel. (12-13-2022)

Société Générale analysts update their oil price forecasts on December 1, 2022. SocGen expects the oil to remain elevated in Q1 of 2023 before declining towards $93.50 in the Q4 of 2023.

Société Générale forecasts oil prices to average $98 per barrel in the first quarter of 2023 and $108 per barrel in the second quarter of 2023, with China reopening and the Russian sanctions kicking in. For the second half of 2023, forecast a drop in oil prices, at $93.5 per barrel in the fourth quarter of 2023. In 2024 and 2025, SocGen estimates that prices rise back toward $100 per barrel and $110 per barrel respectively, as the inventories would still be very low and significant backwardation re-emerges.

On November 14, JP Morgan said that it expects Brent oil price to retest $100 per barrel in the fourth quarter of 2022 and expects $98 per barrel in 2023.

*Photo by Jan-Rune Smenes Reite

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