Fitch Ratings Keeps Oil and Gas Price Assumptions Mostly Unchanged

Fitch Ratings Keeps Oil and Gas Price Assumptions Mostly Unchanged

From fitchratings.com

All our base-case oil price assumptions are unchanged. OPEC+’s large spare capacity, increasing supply and moderating demand growth will constrain Brent crude oil prices at or below USD80 a barrel in 2024, despite heightened geopolitical risk. We expect global oil demand growth to moderate to below 1 million barrels a day (MMbpd) in 2024 and 2025 due to weaker Chinese consumption, concerns about the pace of global economic growth, and efficiency gains. chart The International Energy Agency forecasts modest supply growth this year (well below 1MMbpd) but for this to accelerate to slightly below 2MMbpd next year, ... (full story)

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