Posted 12/12/2023, 3:15:00 PM
OPEC+ Forecast to Gain Oil Market Control in 2024, Raising Prices
- OPEC+ will gain more control over the oil market in 2024 and can raise production in the second half of the year, according to energy firm FGE
- FGE forecasts OPEC+ production targets will keep the market balanced in the first half of 2024
- Crude prices are expected to be able to rise in the second quarter of 2024 as OPEC+ gains control
- Headwinds could bring Brent crude prices below $70/barrel in the near-term based on bearish market sentiment
- FGE expects crude prices to hover around $75-$80/barrel by the end of the second quarter 2024