Inventory analysis from EIA reports shows declining crude stockpiles, adding bullish pressure to the crude oil price forecast “We are reducing our FY’25 oil price outlook, with WTI averaging ~$64 per barrel, down from ~$67 per barrel,” Macquarie strategists, including Vikas Dwivedi, the company’s global energy strategist, said in Macquarie’s latest report. In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. Market watchers estimate the crude oil price forecast 2025 will reflect tighter supply from low capex in exploration projects over the past five years. Energy equities with strong reserve replacement ratios may outperform if Brent holds above $92/bbl.