Brent spot fell 3.6 percent in the evening hours to 73.3 dollars per barrel. At the same time, the price of WTI oil also falls by 3.7 per cent to USD 68.6 per barrel. barrel.
It is the lowest price recorded in six months.
Fresh forecasts from the US Department of Energy’s Statistics Wing (EIA) show expectations for a Brent oil price of USD 82.57 per barrel in 2024, down 11.4 percent from the forecast in November.
The EIA also cut its 2024 forecast for the price of West Texas Intermediate oil by 12.5 percent to $78.07 a barrel. barrel.
“Growth in global crude oil supply has been limited in 2023 due to voluntary production cuts from Saudi Arabia and reduced production targets from other OPEC+ countries. We estimate that the countries within the OPEC+ agreement have reduced the production of crude oil by 1.4 million barrels per day in 2023, partly to compensate for the production growth of 2.4 million barrels per day from non-OPEC+ producers,” the report states.
It continues: “We expect OPEC+ crude oil production to fall by an additional 0.6 million barrels per day on average in 2024. This forecast takes into account that some voluntary production cuts from Saudi Arabia will be extended through 2024, and that total production from The OPEC+ countries will remain below the targets”.
Hegnar on the drop in oil prices: – Scary
04.12.2023 The Opec meeting that promised cuts, without being much more precise than that has contributed to the oil price being solidly down for the 3rd day in a row. We discuss this, the redundancies and the crisis notification in Maxbo and not least the budget agreement at the Storting with Trygve Hegnar.
2023-12-12 19:46:54
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