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Brent Forecast Lowered to $80-$90/bbl Range in 2024: UBS

OIL

Brent is expected to hold in the $80-$90/bbl range this year with a forecast for the end of March lowered to $84/bbl, and June and September to $86/bbl, from the previous estimate of $95/bbl according to UBS.

  • An increase in OPEC+ spare production capacity following output cutbacks has added to the price revision.
  • Oil demand growth will remain above long-term trends but slow to 1.4mb/d.
  • “We expect the supply management of OPEC+ to help prices recover,” said the note by Giovanni Staunovo. “Ensuring that not too much supply is added nor for inventories to rise again will be a tough balancing act”

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