This is reported by RBK-Ukraine referencing Bloomberg. The information comes from Kontrakty.UA.
Since mid-October, crude oil prices have remained within a narrow range, resulting in Brent crude experiencing its second consecutive annual decline, albeit significantly less than last year.
The price of benchmark American oil, West Texas Intermediate (WTI), has barely changed, standing at $71.5.
According to Bloomberg, the oil market will also face a global oversupply in 2025, complicating the task for the OPEC+ alliance led by Saudi Arabia to revive idle production. Some banks predict that crude oil prices will continue to decline over the next two years.
On the other hand, a potential outbreak of military actions in the Middle East or Ukraine could provide short-term support for oil prices. A national security advisor appointed by Trump has promised to reinstate the "maximum pressure" campaign against Iran, which reduced the country's crude oil exports during Trump's first term.
It is worth noting that oil prices fell in 2023 by 10% to $77.5 per barrel at the end of December last year. The decrease in oil prices followed geopolitical issues, production cuts, and global measures to curb inflation, leading to sharp price fluctuations.
According to the NBU, the average price of Brent crude in 2023 dropped by 17.2% to $82.6 per barrel. The NBU expects that in 2024, the price will decrease by 0.7% to $82.0, in 2025 it will drop by 8.9% to $74.7, and in 2026 it will fall by 2.1% to $73.1 per barrel.