Bank of America provides analysis and forecasts for oil prices for the upcoming year.

Bank of America issued a research note on Friday, discussing its predictions regarding crude oil movements and the expected price challenge for Brent crude until 2025; in this context, the American bank forecasted that the average Brent crude price would reach $61 per barrel by 2025.

In this regard, Bank of America clarified that the alliance of oil-exporting countries and their allies (OPEC +), alongside other producers outside the oil alliance, might contribute to increasing oil supply, especially since the growth rate of oil demand is not rising quickly enough to drive prices up.

Additionally, there are now incentives for OPEC + members that may encourage them to lift the agreed production limits; among these is the emergence of budgetary deficits across OPEC economies amid falling prices.

However, this motivates some members to deviate from the agreed production limits. Alongside the United States and other producers outside OPEC continuing to pump more oil:

Bank of America further noted that the growth in crude oil demand is the main factor strengthening OPEC's position, pointing out that the OPEC alliance is stuck in a difficult situation where weak oil fundamentals make it challenging for OPEC + to maintain high oil prices.