An ICYMI (like I did!) from Barclays on their oil worth forecasts for 2024:
Brent crude costs forecast for this 12 months slashed by $8 to $85 per barrel
- primarily attributable to “a higher starting point for inventories and a potentially longer path to OPEC spare capacity normalization.”
- “inventories remain higher than expected and the chance remains that OPEC+ will take longer than anticipated to normalize spare production capacity”
- “we think investors should weigh the risk of looser OPEC+ cohesion, but it should not be the baseline scenario”
- says that there was no materials impact on provide regardless of rising Center East tensions, and that unplanned provide outages are trending on the lowest stage in years
This text was written by Eamonn Sheridan at www.forexlive.com.
