Oil could see a decline to a "much, much" lower price, according to crude analyst Tom Kloza.
Oversupply will weigh on oil prices in 2025, Kloza predicted.
AdvertisementThe oil market is headed into a troubled year in 2025, and crude prices may fall "much, much" lower, according to Tom Kloza, global head of energy analysis at Oil Price Information Service.
The oil analyst said crude prices would experience more downward pressure in 2025 despite concerns that conflict in the Middle East could escalate and send prices higher.
"It was pointing lower, and I think it's still pointing lower.
Persons:
Tom Kloza, Kloza, —, Goldman Sachs, Brent
Organizations:
Service, Oil Price Information Service, Traders, CNBC, Energy Information Administration, Giants, Jets
Locations:
Saudi Arabia, Iraq