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Rystad Raises Brent 2024 Price Forecast to $85/b After OPEC+ Cut Extension

OIL

Rystad raised its price forecast for Brent in 2024 by $5/b to $85/b following the extension of OPEC+ cuts.

  • This is because the cuts will prevent crude stockpile accumulation and keep the market in deficit, Jorge Leon, Rystad’s Senior VP of oil market research said in a note, cited by Bloomberg.
  • Strong demand growth in the H2 is likely, driven by Asia and the resilient US economy. This is despite high interest rates.
  • The oil market will remain in deficit H2 even if OPEC+ fully unwinds the cuts at the end of 2Q, Rystad said.

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