 |
Louisiana Light • 3 days | 84.39 | +0.14 | +0.17% | ||
|
Bonny Light • 2 days | 84.45 | -0.41 | -0.48% | ||
|
Opec Basket • 3 days | 84.23 | -2.94 | -3.37% | ||
|
Mars US • 183 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 1 day | 2.555 | -0.041 | -1.59% |
|
Bonny Light • 2 days | 84.45 | -0.41 | -0.48% | ||
|
Girassol • 2 days | 85.44 | -0.34 | -0.40% | ||
|
Opec Basket • 3 days | 84.23 | -2.94 | -3.37% |
|
Peace Sour • 2 days | 72.15 | -0.05 | -0.07% | ||
|
Light Sour Blend • 2 days | 75.20 | -0.05 | -0.07% | ||
|
Syncrude Sweet Premium • 2 days | 82.15 | -0.05 | -0.06% | ||
|
Central Alberta • 2 days | 72.55 | -0.05 | -0.07% |
|
Eagle Ford • 3 days | 75.43 | -0.05 | -0.07% | ||
|
Oklahoma Sweet • 3 days | 75.50 | +0.00 | +0.00% | ||
|
Kansas Common • 5 days | 72.25 | -0.75 | -1.03% | ||
|
Buena Vista • 6 days | 87.60 | -1.22 | -1.37% |
Breaking News:
Digital Pound Could Be a Fiscal Game-Changer for the UK
The UK Treasury could earn…
India's Steel Industry Faces Challenges Despite Growing Demand
India's steel imports have surged,…
Barclays Sees $97 Brent Oil Price In 2024 As Market Tightens
Slower U.S. shale growth and persistent underproduction from several OPEC+ producers are set to tighten the oil market further in 2024, Barclays said on Wednesday, hiking its Brent price forecast for next year by $8 to $97 a barrel.
“Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent underproduction from several OPEC+ producers due to structural constraints bolsters our core thesis behind a constructive view on oil prices,” the bank said in a note carried by Reuters.
But Barclays revised down its Brent forecast for this year to $84 per barrel, down by $3 from its previous forecast. The bank’s fourth-quarter estimate of $92 a barrel Brent remained unchanged.
Barclays expects a deficit of 670,000 barrels per day (bpd) on the oil market this year, and a 250,000 bpd deficit next year.
The bank sees a tussle between major oil producers and consumers unfolding.
“A tussle between key producers and consumers is visible in the G-7 efforts to cap Russian export prices and OPEC+ announcing significant voluntary adjustments to output,” Barclays said in the note.
In recent weeks, market fundamentals have turned more bullish, with oil demand estimated to have hit a record in June and possibly heading to a fresh record this month, per forecasts by the International Energy Agency (IEA).
Meanwhile, Saudi Arabia and OPEC+ are staying the course with the cuts, with the Kingdom extending its unilateral cut of 1 million bpd into September and signaling it could extend it further, or extend and deepen it.
ADVERTISEMENT
Global oil demand hit a record 103 million bpd in June, and August could see yet another peak, the IEA said in its closely-watched Oil Market Report for August. World oil demand is set to grow by 2.2 million bpd this year, with China accounting for more than 70% of growth, the agency noted.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com:
- Water Woes Cloud Green Hydrogen's Future In The Middle East
- Erdogan Looks To Restore Grain Deal In Upcoming Russia Visit
- Is The Shale Reinvestment Surge Just A Blip Or A Strategy Shift?
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
