Russian expert: Oil prices may fall to $50 by the end of the year, OPEC+ continues to increase production to launch a price war deliberately.

Alexei Belogoryev, research director at the Russian Institute for Energy and Finance, said in an interview that OPEC+ has decided to increase oil production by 411,000 barrels per day in June. He believes that in the short term, Brent crude oil prices are unlikely to fall to $50 per barrel, but by the end of 2025, it is possible for oil prices to continue to decline to this level. Belogoryev pointed out that based on second quarter data, the global oil market is still in a slight state of undersupply. He added that it is expected that by the fourth quarter of this year, there will be a significant oversupply of oil. Belogoryev believes that if OPEC+ decides to accelerate production increases, Brent crude oil prices could fall into the range of $40 to $50 per barrel. However, in his opinion, this accelerated production increase will indicate that OPEC+ intends to launch a comprehensive price war with the aim of squeezing high-cost non-OPEC+ oil producing countries out of the market.