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OPEC+ Need to Maintain Cuts in 2024: Eurasia Group

OIL

“OPEC+ looks likely to be forced to keep its current cuts in place if it wants to maintain tight market management” next year according to Eurasia Group.

  • “Saudi Arabia will probably be forced to keep its voluntary cuts in place for the first half at least to avoid a sharp price decline if lower demand growth transpires.”
  • The OPEC+ group “may even be forced to consider slashing output further if it seeks to avoid a big supply surplus.”
  • “OPEC+’s market management will become more challenging next year if it wants to protect an $85- to $90-per-barrel floor under prices.”
  • Non OPEC+ supplies are expected to increase by 1.3mbpd in 2024 to roughly satisfy growth in demand.
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