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Reuters Poll Shows Oil Prices to Stay Around $80/b in 2024

OIL

International oil prices are likely to remain near $80/b in 2024, according to a Reuters poll,

  • Of the 24 economists and analysts surveyed, the average expectation for crude prices in 2024 was $82.56/b. Just one analyst expected prices to average above $90/b.
  • Analysts forecast that weak global economic growth will limit demand, but geopolitical tensions could provide some upside.
  • "We think that there will be a greater concern about geopolitics in 2024 than in 2023 - and the associated risk premium will be substantially higher," said John Paisie, president of Stratas Advisors.
  • Analysts were also uncertain as to whether OPEC+ could maintain their supply cuts.
  • "While it is difficult to maintain cooperation with all the members of OPEC+ - at this time and price level - all members are supportive of higher oil prices," Paisie added.
  • In 2023 to date, Brent crude has averaged $82.17/b.
Energy BulletsCommodities
Energy BulletsCommodities

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