HSBC warned that Brent crude prices could fall below its current forecast of $65 a barrel in 2026 if inventories in Western markets increase.
In a note issued on Monday, the bank indicated a significant oil surplus, starting in the fourth quarter of 2025, of 1.7 million barrels per day (bpd), rising to 2.4 million bpd in 2026.
HSBC explained that rising inventories in the West pose a risk to its price forecast, potentially lowering them from the expected level, according to Reuters.
This comes after OPEC+ members met this month, where they decided to increase oil production by 137,000 bpd in October, as a step to accelerate the return of supplies to markets ahead of the previously scheduled date
