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Latin Times
Latin Times
Business
Shreyashi Chakraborty

Oil Prices Could Sink To $60 Under Trump Presidency, Citi Warns

Donald Trump Citi Oil Iran OPEC
Oil prices are being supported by worries about the Middle East crisis, though the gains have been tempered by healthy output from key producers. (Credit: AFP)

Citi said on Wednesday it expects a Trump presidency could lower Brent Crude prices to $60 per barrel on average, saying the oil industry will be under pressure through 2025 due to potential trade tariffs and increased oil supply.

The influence of Trump on Organization of the Petroleum Exporting Countries (OPEC) could prompt the international group to end production cuts faster and may just push the OPEC to return withheld outputs while alleviating geopolitical tensions. It could also warrant the release of more oil back into the market, according to Reuters.

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