BAKU, Azerbaijan, September 6. The Oxford Institute for Energy Studies (OIES) projects Brent oil price to stand at $81.5 per barrel in 2023 and $86.9 per barrel in 2024, Trend reports.
According to the institute, the combination of deeper OPEC+ cuts and a slower growth in non-OPEC supply during the second half of the year is expected to gradually offset the $1.1 per barrel downward adjustment in our Q2 price forecast.
Thus, the OIES anticipates that Brent crude will surpass the $80 per barrel mark starting in August and maintain a range within the $80s for the remainder of 2023 and much of 2024.
At the same time, price trends are expected to strengthen again in the latter half of 2024 as supply and demand dynamics tighten, with prices gradually climbing to the high-$80s and ultimately reaching $92.1 per barrel in Q4.
Meanwhile, the institute also forecasts global oil supply is predicted to increase by 1.3 mb/d in 2023, and 1.5 mb/d in 2024.
