Citigroup outlines oil price scenarios until the first quarter of 2025.

The Wall Street Journal reported yesterday evening that the American investment bank Citigroup sees the base scenario for Brent crude price movements averaging $74 per barrel by the end of this year, and $65 per barrel in the first quarter of 2025.

However, tensions in the Middle East could push the price of Brent crude to $120 per barrel, due to the risks of escalating conflicts between Israel and Iran, which could raise concerns about crude oil supply and disruptions.

The most pessimistic scenario for crude oil prices suggests that the OPEC+ oil alliance may begin to increase oil production in December, which could lead to a decrease in supply risks, potentially driving Brent crude to $60 per barrel during the last quarterly period of this year, and settling at $55 per barrel in the first quarter of the next year.