-
Oil to hover above $80 in 2024
Expected weak global economic growth and increased supply from non-Opec producers will lead to slow oil demand growth in 2024, keeping the average US benchmark oil price below $80 per barrel despite output cuts by around six million barrels per day by Opec and allies, representing about six per cent of global supply, market analysts said. Supply-demand balances show a situation of oversupply and stock builds in the first half of 2024, with some deficit seen only by Q3 2024. In the base case, oil prices will likely hover above $80 per barrel and can inch closer to $90 per barrel by Q3 2024, said S&P Global ... (full story)