HSBC: This year's Brent oil price forecast has been raised from $70 to $73

On January 15, Jinshi data reported that HSBC’s report pointed out that the bank’s 2025 Brent oil futures price estimate was raised from the previous $70 per barrel to $73, with the first quarter estimate also rising from $70 to $77, mainly reflecting the impact of the latest US sanctions on Russia. The bank stated that the sanctions announced by the US last week nearly doubled the number of tankers on the sanctions list, causing oil prices to pump to over $80 per barrel in recent days. These measures will have a significant impact on Russian crude oil and its product exports, despite the short-term impact. The bank believes that the oil market is still in a tug-of-war between OPEC+ overcapacity and persistent geopolitical risks, and expects Brent oil prices to trade between $70 and $80-85 per barrel this year, slightly lower than the past two years.