HOUSTON, TEXAS (Philipp Markopulos, Energy Analytics Institute, 18.Mar.2025) — Wood Mackenzie is forecasting an average Brent crude oil price of $73 per barrel (bbl) in 2025, down $0.40/bbl from an estimate revealed in an early-Feb. 2025 monthly report. This price is $7/bbl lower compared to the average Brent price in 2024.
Wood Mackenzie’s latest monthly oil market outlook is primarily shaped by 2 factors: OPEC+ production plans and US tariff policies, the consultancy announced on 18 Mar. 2025 in an emailed statement.
“We’re seeing a complex interplay of supply and demand factors. While global demand is expected to increase by 1.1 million barrels per day [MMb/d] in 2025, non-OPEC production is forecasted to rise by 1.4 million barrels per day, potentially outpacing demand growth,” Wood Mackenzie vice president of oils research Ann-Louise Hittle said in the statement.
