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Scenarios for oil price increase / May reach up to 100 dollars per barrel in 2024

2023-12-04 13:03:29Biznes SHKRUAR NGA REDAKSIA VOX

Scenarios for oil price increase / May reach up to 100 dollars per barrel in

Oil prices could reach as high as $100 a barrel in 2024 if some of the OPEC+ member countries follow through on their commitment to cut production, the international grouping now reports after its informal alliance with Russia.

This is appreciated by market players, following the decision of some OPEC+ members to reduce their production. The statement issued by OPEC+ after the meeting last week did not include any official commitment to cut production, but the pledge by these countries is equivalent to a production cut of 2.2 million barrels per day in the first half of 2024.

The demand is again for the increase in the price of "black gold", even though the efforts of the oil producing countries so far seem to be failing. Prices remain at low levels compared to OPEC's aspirations, even in the last two months and while a new war is taking place in the Middle East, which threatens to involve its member countries.

Saudi Arabia was the first to announce its target to cut production by 1 million barrels per day by the end of 2024. Russia announced that in the same period it will cut its production by 300,000 barrels per day and by 200,000 barrels of products oil. Iraq also with 223,000 barrels per day, the United Arab Emirates with 163,000 and Kuwait with 135,000. Market actors and analysts, including Goldman Sachs, estimate that if these member states keep their promises, oil prices will rise.

However, it is a fact that efforts by oil-producing countries to push prices higher have fallen on deaf ears since October 2022, and although the energy crisis was still ongoing, which began in the summer of 2021 and worsened from the Russian invasion of Ukraine and Western sanctions against Moscow.

The reason for the failure of the international grouping is the widespread concern about the excess of crude oil that exists on the world market, while the world economy is slowing down, keeping demand at low levels.


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