---
title: "Oil prices expected to plummet to $60 by the end of next year"
publisher: "Share Talk"
author: "sharetalk"
published: "2024-06-13T12:12:14+00:00"
modified: "2024-06-13T12:12:14+00:00"
date: 2024-06-13
canonical: "https://www.share-talk.com/oil-prices-expected-to-plummet-to-60-by-the-end-of-next-year/"
category: "Blogs"
categories: ["Blogs", "Energy"]
tags: ["Brent Crude", "Easington", "East Yorkshire", "European gas", "gas", "Gassco", "Norway", "oil", "OPEC", "West Texas"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/06/stencil.default-1.webp?fit=1200%2C800&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# Oil prices expected to plummet to $60 by the end of next year

**Published:** June 13, 2024
**Author:** sharetalk
**Categories:** Blogs, Energy
**Tags:** Brent Crude, Easington, East Yorkshire, European gas, gas, Gassco, Norway, oil, OPEC, West Texas
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/06/stencil.default-1.webp?fit=1200%2C800&quality=80&ssl=1)

---

The price of a barrel of oil is predicted to slump to $60 by the end of next year due to a surge in production, according to City analysts.

A note from Citigroup analysts indicated that increased production by the OPEC+ cartel will create a market surplus of 2.5 million barrels per day by next September.

The bank forecasts that Brent crude, the international benchmark, will rise to $82 a barrel in three months before dropping in the fourth quarter, eventually reaching $60 next year.

Oil prices have faced pressure after OPEC and its allies announced plans to ramp up production from October, following a period of supply suppression.

Additionally, the International Energy Agency (IEA) predicted a “staggering” surplus in oil supplies of more than 8 million barrels per day by 2030.

Citi analyst Max Layton stated, “Oil balances look exceedingly weighty, with global balances moving into meaningful surplus even if OPEC+ extends all cuts through to end-2025.”

Brent crude recently dropped 0.8% to below $82 a barrel, while US-produced West Texas Intermediate fell 0.9% to below $78.

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