Citi: Lowering Q4 oil price expectations OPEC+ will maintain production for the next year

Jinshi data news on September 6th, JPMorgan Chase indicated that as the window of opportunity to gradually stop production cuts closes, OPEC+ will maintain current production levels for at least the next year. Under this scenario, the average price of Brent crude oil in 2025 is expected to be $75 per barrel, while falling to a low point of $60 per barrel by the end of the year. A price of $60 per barrel is not favorable for both producing and consuming countries. If OPEC+ insists on market management, it will need to further cut production by 1 million barrels per day. Given the poor performance of oil prices in August, our forecast for the fourth quarter of 2024 has been revised down from $85 per barrel to $80 per barrel, but the expectation for 2025 remains unchanged.