MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIES Raise 2024 Brent Forecast on Tighter Balances and Geopolitical Risk

OIL

OIES have raised the Brent forecast from by $2.5/bbl to $85.4/bbl in 2024 and by $1.6/bbl to $81.0/bbl in 2025 due to tighter-than-expected balances and heightened geopolitical risks.

  • The global oil demand outlook has also improved with a resilient global economy raising 2Q24 to $90/bbl from $81.4/bbl. Prices are expected to fall back to the mid $80/bbl in H2 assuming no further extension of the OPEC+ cuts in Q3.
  • A price range between $74/bbl and $99/bbl is expected in 2024 with uncertainty over the impact of Iran’s direct retaliatory attack against Israel.
  • An oil market deficit of -560 kb/d is expected in 2024 with a surplus reduced to 210kb/d in 2025 due to a more robust global demand outlook led by the US. The non-OECD demand growth outlook remains relatively unchanged.
  • Global demand growth is forecast 180kb/d higher than the previous forecast at 1.6mb/d in 2024 and up by 90kb/d to 1.2mb/d in 2025.
  • The global oil supply forecast is little changed at 1mb/d in 2024 and 2mb/d in 2025 assuming stronger output discipline by OPEC+ in Q2 and non-OPEC crude growth forecast unchanged at 810kb/d.
Energy BulletsHomepageBulletCommodities
Energy BulletsHomepageBulletCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.