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Crude Prices Could Hit $100/b This Year if OPEC Maintains Cuts: Vitol

OIL

Spot crude prices could hit $100/b in 2024 if OPEC+ maintain its production cut discipline, Russel Hardy, Vitol CEO said April 9.

  • "It's really a supply-constrained market but we've averaged about $83/b so far this year, so $80 to $100/b feels like a sensible range for the market given OPEC's control of inventories around the world," Hardy told the FT Commodities Global Summit in Lausanne. Cited by Platts.
  • Regarding demand, Hardy said Vitol expects global growth of 1.9m b/d in 2024, like 2023 levels, with China, India and boosted jet fuel consumption underpinning growth.

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