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OIL: Return of OPEC Voluntary Cuts Not Expected in 2024: FGE

OIL

OPEC member voluntary production cuts are not expected to return to the market in 2024, according to FGE cited by Bloomberg, but OPEC spare capacity and demand will keep oil prices in check.

  • Oil prices are expected between $90/bbl to $95/bbl in Q3 and Q4 but could drop to $75/bbl next year.
  • Long term prices are predicted between $70/bbl to $75/bbl due to carbon emission costs.

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