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.

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