Redburn Atlantic downgraded BP to Neutral from Buy with a price target of 500 GBp, down from 570 GBp. The macro backdrop for oil has deteriorated and Redburn’s updated supply-demand modelling suggests that OPEC+ will have to further delay the unwind of voluntary cuts, the analyst tells investors in a research note. This leads the firm to lower its 2025 oil price assumptions from $80 to $75 per barrel. Redburn sees sector buybacks coming under pressure next year and is taking a more cautious view on the sector.
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