While we think Saudi Arabia and Russia’s supply cuts, which have sent oil prices surging in recent weeks, will be rolled over into next year, fears of triple digit prices in 2024 are overblown. We forecast that the Brent price will be $85 per barrel at the end of Q4 2024 as the wider OPEC+ group, eager to exploit reserves, will begin to raise output from around the middle of next year.
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