Morgan Stanley has revised its oil price forecasts downward, reflecting expectations of increased supply from OPEC and non-OPEC producers amid signs of weakening global demand, the bank said in a report this week. The firm now anticipates that while the crude oil market will remain tight through the third quarter, it will begin to stabilize in the fourth quarter and potentially move into a surplus by 2025. The adjustment comes as Morgan Stanley lowers its global oil demand growth estimate to 1.1 million barrels per day (bpd) for 2024, down slightly…
