Rising OPEC+ output in Q2 2024 should leave global crude supply less constrained than we had previously expected. This, together with only modest growth in global oil demand, should push the crude market into a small surplus in Q4. Accordingly, we have revised down our end-2024 Brent price forecast to $75 per barrel (previously $85).
In view of the wider interest, we are also sending this Energy Update to clients of the Commodities Overview Service.
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