Natashin Nodarievna

The international rating agency Fitch Ratings lowered its forecast for the cost of Brent crude oil for 2023, while maintaining its expectations for 2024, according to a press release from the agency.

Fitch predicts that this year the price of Brent crude oil will be $ 80 per barrel against the March forecast of $ 85. For 2024, the forecast was kept at $ 75 per barrel.

"The lower forecast for oil prices in 2023 reflects weaker short-term demand and concerns about a slowdown in the global economy, as well as still stable oil supplies, especially from Russia, which has redirected its exports to Asia," the report said.

The agency's expectations for the price of WTI crude oil were also lowered for 2023 – to $ 75 per barrel from $ 80. Next year, Fitch forecasts the price of WTI at $ 70 per barrel, as previously expected.

Longer-term forecasts for the prices of both brands of oil were raised. So, the price of Brent in 2025 is expected to reach $ 70 per barrel against $ 65, in 2026 - at $ 65 per barrel against $ 53 earlier. The forecast for WTI prices was raised for 2025 to $ 65 per barrel from $ 60 earlier, and for 2026 to $ 60 from $ 50 in March.