Citibank: Brent crude oil may fall to $60 per barrel by the end of 2026.

Citigroup analysts believe that the price of Brent crude oil will gradually fall to around $60 per barrel between the end of this year and 2026. OPEC+ has decided to begin gradually lifting the "second round of production cuts," exacerbating expectations of global crude oil inventory growth - Citigroup currently projects a daily average increase of 1.1 million barrels in global crude oil inventories in 2025 and 2.1 million barrels in 2026. Analysts stated in their quarterly outlook report that the "bearish scenario" forecast by Citigroup could be triggered by the following situations: a slowdown in global crude oil demand due to macroeconomic and trade weakness, and a supply growth rate in crude oil exceeding expectations. The less likely "optimistic scenario" may be driven by geopolitical events, such as attacks on Russian energy infrastructure or an escalation of conflict between Israel and Iran.