Leading international banks have revised their forecasts for oil prices downward. According to updated data, the average cost of a barrel of oil this year will be $58.3, significantly lower than previous forecasts of $61.89 made last autumn.
This is reported by Finway
Long-term Forecasts and Current Situation
Analysts in the banking sector predict that by 2035, oil prices will fluctuate between $56.24 and $57.24 per barrel. These estimates are based on expected increases in oil production in OPEC countries and the United States, amid relatively stable global demand.
The market is already showing a downward trend – prices have fallen from $82 to $65 per barrel after OPEC decided to increase production. At the current pace of production growth, OPEC+ countries may complete their 18-month program as early as October.
Impact on the Russian Oil Sector
The drop in oil prices significantly affects the economy of Russia. The Russian Urals brand has decreased by $15 over the year up to May, reaching a level of $52 per barrel.
The fourth largest oil producer in Russia, “Surgutneftegas”