OPEC Cuts and Economic Concerns to Cap Oil Price Recovery in 2024
• OPEC+ production cuts drove oil price rally in 2023, with prices peaking at $97 • Oil demand growth expected to slow in 2024 due to economic downturn and recession fears • Non-OPEC oil production set to increase in 2024, contributing to ample supply • Forecasts for 2024 oil prices mostly in $80-85 range, with downside risk if recession hits • Falling oil prices would benefit consumers through lower inflation and transportation costs