Market Outlook: Crude Oil Prices May Decline in 2025 Due to Demand Concerns and Market Oversupply

According to ICICI Securities, in its outlook for 2025, it is projected that crude oil prices may fall further due to expectations that the market will remain oversupplied despite concerns about demand and OPEC+ members postponing production increases. The brokerage expects that most of the growth in oil production will come from non-OPEC countries. OPEC has significant spare production capacity that could support the market even in the event of any supply disruptions. ICICI suggests that potential trade tensions during Donald Trump's second term are likely to have a negative impact on economic growth and adversely affect oil demand. Currently, WTI crude oil futures for next month are at $73.76 per barrel, down 0.3%, while Brent futures are at $76.28 per barrel, also down 0.3%.