Fitch Ratings maintains oil price forecast for 2024-2027

International rating agency Fitch Ratings has maintained its oil price forecast for 2024-2027 and the medium term under the baseline scenario, according to Report, which cites Interfax.

"Significant spare capacity from OPEC+, increasing supplies, and moderate demand growth will keep Brent crude prices at $80 per barrel in 2024, despite elevated geopolitical risk," the agency stated.

Fitch analysts believe that the price of Brent crude in the baseline scenario will be $70 per barrel in 2025, decrease to $65 per barrel in 2026, and remain at the same level in 2027. In the medium term, the price is expected to decline further to $60 per barrel.

The price of WTI crude in Fitch's baseline scenario is projected to be $75 per barrel in 2024, decrease to $65 per barrel in 2025, and further drop to $60 per barrel in 2026, remaining at this level in 2027. In the medium term, the price is forecast to fall to $57 per barrel.

Under Fitch's stress scenario, the cost of Brent crude in 2024 will be at $70 per barrel, decreasing to $35 per barrel in 2025, rising to $45 per barrel in 2026, and settling at $48 per barrel in 2027 and the medium term.

WTI crude prices under Fitch's stress scenario are projected to be $65 per barrel in 2024, dropping to $32 per barrel in 2025, increasing to $42 per barrel in 2026, and rising to $45 per barrel in 2027 and the medium term.