Bernstein Research Sets Long-Term Oil Price Target at $75 per Barrel

Wall Street firm Bernstein Research has set a long-term oil price target of $75 per barrel for equity valuations. The target reflects rising marginal costs and declining reserves, according to a survey of the 50 largest energy companies worldwide.

Bernstein analyst Neil Beveridge stated that higher spot prices and a tightening physical market are feeding inflation into the supply chain. The survey projects the global marginal cost of oil will rise to $77 per barrel. The cost had fallen 2 percent to $69 per barrel in 2025 because of lower production expenses.

4 years, below the historical average of 13 years. The global industry reinvestment ratio has increased to 61 percent, up from a 36 percent low in 2022 but still below the historical range of 80 percent to 90 percent.