(Reuters) -HSBC revised down its Brent crude oil price forecasts for 2025 and 2026, following the announcement of tariffs by U.S. President Donald Trump and the decision by OPEC+ to increase production, the bank said in a note on Tuesday.
The bank's forecast for 2025 has been reduced to $68.5 per barrel, down from the previous estimate of $73/bbl. Its 2026 prediction has also been lowered to $65/bbl, compared to the earlier estimate of $70/bbl.
HSBC also revised its global demand growth forecasts to 0.7 million barrels per day (mbd) for 2025 and 0.8 mbd for 2026, down from the previous estimate of 0.9 mbd for both years.
The following is a list of the latest brokerage forecasts for 2025 and 2026 average prices for Brent and WTI (in $ per barrel):
Brokerage/Agency Brent WTI Forecasts as of
2025 2026 2025 2026
HSBC $68.5 $65 $65.4 62 April 15, 2025
Goldman Sachs $66 $58 $63 $55 April 14, 2025
BofA $65 $70 $61 $66 April 14, 2025
JP Morgan $66 $58 $62 $54 April 14, 2025
Barclays $74 - $70 - March 14, 2025
Citi $67 $65 $63 $62 January 22, 2025
Deutsche Bank $72 $72 $68 $68 January 15, 2025
Morgan Stanley - $70 - - January 13, 2025
Macquarie $71 $64 $66 $60 December 05, 2024
BMI $78 - $79 - November 07, 2024
NAB $78 - - - October 06, 2024
HSBC $70 - $67 - September 30, 2024
UBS $75 - $71 - September 16, 2024
DNB $77 - - August 20, 2024
* indicates end-of-period forecast
# current as of given date, may not indicate date of revision
For a table of crude price forecasts as per Reuters' latest monthly poll, see