Citi Oil Market Deficit Will Support Brent Prices In Q4

Wall Street analysts at Citi have predicted that a deficit in the oil markets driven by OPEC’s recent decision to delay tapering in oil production cuts as well as the ongoing suspension of Libyan oil exports will temporarily offer support for Brent prices in the $70-$75/barrel range in Q4 2024, as reported by Reuters. However, Citi has warned of 'renewed price weakness' in 2025, with Brent on a path to $60 per barrel thanks to a surplus of one million barrels per day.

Commodity analysts at Standard Chartered are even more bullish on the oil price outlook, and have predicted that no supply glut is likely in at least Q4-2024 and H1-2025 if OPEC producers keep to their commitments. Last week, StanChart reported that oil markets are overlooking the imminent removal of even more barrels from the markets in the coming months.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil Dominates the $5 Trillion Global Commodity MarketOil dominates global commodity exports, accounting for a substantial portion of the $5 trillion total.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Russia's Sanctioned Vessels Still Working the Global Oil MarketRussia is pushing forward with oil product exports using vessels sanctioned by the European Union
Source: OilandEnergy - 🏆 34. / 68 Read more »

Petronas Earnings Drop Amid Oil Market VolatilityPetronas's profit fell 19% in the first half of 2024 due to lower natural gas prices, higher taxes, and market volatility.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Currie Claims Fears of an Oil Market Glut Are 'Completely Overplayed'A leading oil analyst warns that the market is overestimating a potential oil supply glut, citing underestimated Chinese demand and stable US crude oil production.
Source: OilandEnergy - 🏆 34. / 68 Read more »