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Bank of America Projects Average Oil Surplus of 890,000 bpd Over Next Year

Bank of America:
• PROJECTS AVERAGE SURPLUS OF 890,000 BARRELS PER DAY OF CRUDE OIL FROM JULY 2025 THROUGH JUNE 2026, RESULTING IN GLOBAL OIL INVENTORY BUILD UP OF 100 MLN BARRELS
• REITERATE BEARISH OUTLOOK FOR 2H25 OIL PRICES, WITH BRENT AVERAGING $63.50/BBL, TEMPORARILY BREAKING BELOW $60/BBL
• SAYS MONETARY/FISCAL POLICY, WEAKER USD, OPEC+ DISCIPLINE, AND LOWER US VOLUMES, MAY TRIGGER REBOUND ABOVE $70/BBL BY MID 2026
• CONTINUES TO SEE LONG-DATED BRENT CRUDE OIL PRICES HOLDING UP IN A $60-$80/BBL RANGE AND EVEN PROJECTS A PRICE RECOVERY INTO 2H26
Source: Reuters



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