The global oil market is entering 2025 with significant challenges. Analysts are increasingly bearish, citing a surplus supply, tepid demand growth, and rising geopolitical tensions. The outlook for Brent crude prices hovers in the low $70s per barrel, down from an average of $80 this year, reflecting a market grappling with both structural and cyclical shifts. OPEC+ has delayed the easing of its voluntary production cuts until April 2025, but even this cautious strategy may not be enough to offset the broader headwinds.
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