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Citi Forecasts Low $70/bbl Oil by End 2024 on Growing Spare Capacity

OIL

Citi analysts expect further oil price easing towards the low $70s by end-2024 in the face of growing spare capacity according to a research note.

  • The bank forecasts 4mn bpd of spare capacity in 2024.
  • It comes as skepticism grows towards OPEC+ efforts to shore up global supply through its latest voluntary policy cuts.
  • UBS voiced concerns around the impact of deeper OPEC+ production cuts and said compliance issues in the group remain despite the latest meets intent.

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