Oil Analyst_ 2025 Outlook_ A Tale of Two Tails

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 21 November 2024 | 8:44PM EST Oil Analyst 2025 Outlook: A Tale of Two Tails n Brent oil prices are on track to average roughly $80/bbl this year, but have declined to the low-to-mid $70s despite a 2024 deficit and geopolitical uncertainty. This reflects market confidence in a large 2025 surplus, which has depressed positioning and valuation. n Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and ...