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Brent Crude Projected to Average $82.33/bbl in 2024: Reuters Survey

OIL

A Reuters survey of 46 economists and analysts forecast Brent to average $82.33/bbl in 2024 from a $81.13/bbl average projected in February. The WTI crude expectation was raised from $76.54/bbl last month to $78.09/bbl.

  • "We see the oil price rally going further until the summer months," said Florian Grunberger at Kpler. "This is due to the geopolitical risk premium and the interests of OPEC+ members, coupled with increasing demand in China."
  • Consensus for demand growth was approximately in line with the 1.3mbpd forecast by the IEA but lower than the OPEC forecast of 2.25mbpd.
  • "Convincing OPEC+ members to under-produce as a group to maintain oil prices above a certain level is not going to be easy," said Suvro Sarkar at DBS Bank amid a rising surplus capacity and the loss of OPEC+ market share.
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