Fitch lifts forecast for oil prices in 2024

13/12/2023 Argaam

Fitch Ratings raised its 2024 oil price forecast, citing OPEC+'s continued tight control over supply.

 

Fitch expects Brent crude to reach $80 per barrel in 2024, up from $75 per barrel previously, and has raised its estimate for US crude from $70 to $75 per barrel.

 

The credit rating agency explained that it lifted its estimates in response to OPEC+'s ongoing efforts to support prices, including the recent decision by a number of members to join Saudi Arabia and Russia in implementing additional production cuts in the first quarter of 2024.

 

Fitch added that the slowdown in the global economy in 2024 may push OPEC+ to further reduce production if the market turns into a surplus.

 

Following this year's sharp fluctuations in European natural gas prices due to seasonal shocks such as impending worker strikes at Australian liquefied natural gas plants, Fitch expects prices to remain sensitive to external events in 2024.

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