Russia expects oil prices to drop to $40 per barrel
According to the Russian fund 'Roscongress', global oil prices could fall to $40-50 per barrel by late 2025 - early 2026. Currently, a barrel costs $66-68, but a price drop is expected due to a 'new price war' in the market.
'The OPEC+ oil agreement is falling apart: Saudi Arabia is increasing oil production, creating a surplus supply. Shale exporters are also actively drilling, harming the price,' noted the Foreign Intelligence Service.
It is indicated that additional pressure on the market is caused by the slowdown of the Chinese economy and increasing oil exports from Brazil, Guyana, and Norway. 'Geopolitical risks that previously affected prices now matter little. Global demand for oil is declining faster than supply,' the report states.
The report predicts a decline in oil prices to $40-50 per barrel due to excess supply, the slowdown of major economies, and increased oil exports from other regions of the world. The price war in the oil market could lead to significant price reductions in the coming years.