Oil prices may fall to $60: expert tells when
24 June 2025 14:33
After peak spikes amid the escalating situation in the Middle East, oil prices have begun to stabilize. Energy expert Volodymyr Omelchenko said in a commentary to [comersant ] that if geopolitical tensions ease, there is every reason to expect the price of a barrel to drop to $60 by the end of the year.
“We see that the conflict in the Middle East between Israel and Iran, with the participation of the United States, is gradually subsiding. If this conflict is really resolved or frozen, then oil prices, in my opinion, will start to decline and continue the trend that has already been in place. We can expect that by the end of the year the price of 1 barrel of oil will be about $60,” he said.
According to the expert, oil prices have begun to stabilize due to the supply and demand ratio. Demand for oil is already not keeping pace with supply, which only increases pressure on quotations, he explained.
Mr. Omelchenko also drew attention to the downwardly revised global economic growth forecasts, as well as the actions of key oil market players.
“Forecasts for global economic growth are deteriorating. In addition, Saudi Arabia has planned to increase its oil production quota,” he added.
The main reason for the price hikes was the tense situation around Iran, one of the key oil producing countries. The conflicts between Iran, Israel and the United States have created risks of disruptions in oil supplies, which could have a major impact on the market. Analysts feared that prices could rise to $200 per barrel.
Now the conflict is calming down a bit, so the likelihood of such a sharp rise in prices is decreasing. But the situation remains unstable, and even small problems can affect the price of oil.
Thus, if tensions ease and demand remains weak, oil prices should return to a more stable level.
