Citi's $60 Brent Call Looks Prescient as Glut Materializes; Total CEO: Mideast Producers 'Desperate to Sell'
- Citi's year-end Brent target of $60 looks increasingly on track: Brent has already fallen back to ~$72/barrel, below pre-conflict levels, after the Hormuz 'shock' faded and OPEC output surged in June.
- TotalEnergies CEO Patrick Pouyanne added fuel to the bearish case, saying Middle East producers are now "desperate to sell oil stocks," per Bloomberg, and tanker tracking shows some ships are even diverting into Iran to load crude directly.
- The rapid reversal is a major macro swing: just weeks ago traders were pricing scarcity; Goldman Sachs and peers now expect the oversupply to persist into 2027, a setup that could weigh on energy equities and inflation prints alike.