Citi Sees Oil Slumping to $60 as OPEC Output Surges on Hormuz Flow Recovery
- Citigroup analysts now project Brent could fall to ~$60 a barrel by year-end as the Hormuz 'shock' fades, inventories draw less than expected, and Chinese demand stays soft (https://www.bloomberg.com/news/articles/2026-07-03/citi-says-oil-may-slump-to-60-as-the-hormuz-shock-fades-away).
- A Bloomberg survey shows OPEC+ crude output surged in June as Gulf members restored exports through the Strait of Hormuz following US-Iran diplomatic progress, with the group continuing its policy of small monthly quota hikes.
- Brent's decline is being amplified by China's call for 'unimpeded passage' of Hormuz and growing chatter around transit fees, while TotalEnergies is offering Iraqi crude to Asian buyers amid swelling supply.