Analysts from Citibank have predicted that Brent crude oil prices would fall to $60 per barrel by year-end and average $62 per barrel between the second and fourth quarters of 2026, citing OPEC+ production increases and China’s stockpiling.
Citi is a leading global bank for institutions with cross-border needs.
The bank revised its global liquids balance outlook after the Organisation of Petroleum Exporting Countries (OPEC+) announced plans to unwind an additional 1.6 million barrels per day (mb/d) of voluntary cuts starting in October 2025.
Citi said that could lead to stock builds of 1.1 mb/d in 2025 and 2.1 mb/d in 2026, adding slack to an already-loosening global supply.
By end-2026, Citi estimates global liquids inventories could climb to 10.9 billion barrels, equivalent to 103 days of forward demand cover.
