1032 ET - Wood Mackenzie expects international benchmark Brent crude to average $73 a barrel in 2025--falling from $77 a barrel in 1Q to $70 a barrel in4Q--as the market navigates "geopolitical and economic factors, including potential peace talks between Russia and the U.S. regarding the Ukraine conflict, ongoing tariffs, and sanctions against Iran." The firm sees global oil demand rising by 1.2 million barrels a day, led by Asia Pacific. Non-OPEC production is forecast to rise by 1.5 million b/d, creating "challenges for OPEC+ in managing market balance." The outlook assumes OPEC+ will go ahead with its plan to gradually return 2.2 million b/d of output cuts between April of this year and September 2026. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
February 24, 2025 10:32 ET (15:32 GMT)
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