Oil prices and demand outlook
Mr. Choeib Boutamine
June 10, 2025
There is strong market demand for oil, especially in summer, which may push prices to around $70 per barrel by July or August. U.S. inventories show significant drops, indicating high domestic demand, driven by seasonal travel and rising energy needs.
The OPEC has already started unwinding supplies, but it seems tough to carry on its plan in autumn, supporting the positive outlook for higher oil prices this summer.
Focus is also on Europe’s low natural gas inventories and rising demand, which could boost oil demand this winter. Algeria and Libya are investing to increase oil and gas supplies to support Europe, but oil price trends largely depend on US-China relations and G7 discussions. The European gas shortage and potential increased oil use are key factors influencing the market outlook.
