The survey of 31 economists and analysts predicted that Brent crude would average $74.33 per barrel in 2025, down from a forecast of $74.53 in November, marking an eighth straight downward revision.

Benchmark oil contract, Brent North Sea crude, has rallied about five dollars this week after Iran's missile attack on Israel -- but remaining around $75 per barrel

OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change

The ongoing Red Sea crisis can potentially revive Russia-Saudi oil tensions, according to a Reuters analysis

OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation.

US President Donald Trump accuses the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.

Saudi Arabia, Russia, Qatar and Venezuela have agreed to freeze their oil output at January levels if other producers follow suit.