Macquarie Sees "Heavy Surplus" for Oil in 2025, Cuts Oil Price Forecast

Weaker-than-expected demand is set to tip the oil market into a surplus over the next five quarters, Macquarie said in a Friday note as it lowered its Brent and WTI oil forecasts for the rest of the year. “As we enter shoulder and turnaround season, the ‘last hurrah’ for oil in the form of Q3 tightness is quickly fading as our balances contemplate heavy oversupply across the next five quarters,” according to the Macquarie note cited by BOEreport.com.   The bank revised down its forecast for Brent Crude price by $2 per…