Bank of America Sees 2 M Barrel-Per-Day Brent Surplus, Warns of Rising Inventories
Bank of America Global Research forecasts a roughly 2 million barrel-per-day surplus in the global Brent oil market this year, citing rising inventories. Head of commodities research Francisco Blanch said this oversupply trend will intensify pressure on crude prices.
1. Forecast Details
Bank of America Global Research head Francisco Blanch projects a 2 million barrel-per-day surplus in the global Brent market this year, citing escalating crude inventories driven by increased production and moderate demand growth.
2. Market Implications
The anticipated oversupply is expected to push Brent prices lower, potentially compressing trading margins and volumes within Bank of America’s commodities division.
3. Research Methodology
The forecast is based on analysis of inventory data, shipping patterns and refinery throughput, highlighting key supply drivers such as U.S. shale output and non-OPEC production levels.