Analysts are maintaining their oil price forecasts for the second half of 2024, balancing geopolitical risks with subdued demand, particularly from China. Brent crude is expected to average more than $83 per barrel, and U.S. crude $79, nearly unchanged from previous estimates. Some analysts predict prices will stay within the $80-85 range due to stable demand-supply dynamics. Despite lower Chinese oil imports and global economic shifts towards electric mobility, global oil demand is forecasted to grow by 1-1.5 million barrels per day in 2024. OPEC+ is expected to uphold production cuts through 2025 amid ongoing geopolitical tensions.
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00:00It's Benzinga, and here's what's on the block.
00:02Analysts are maintaining their oil price forecast for the second half of 2024,
00:07balancing geopolitical risks with subdued demand, particularly from China.
00:11Brent crude is expected to average more than $83 per barrel,
00:14and U.S. crude $79, nearly unchanged from previous estimates.
00:19Some analysts predict prices will stay within the $80-$85 range due to stable demand-supply dynamics.
00:25Despite lower Chinese oil imports and global economic shifts toward electric mobility,
00:30global oil demand is forecasted to grow by 1 to 1.5 million barrels per day in 2024.
00:36OPEC Plus is expected to uphold production cuts through
00:382025 amid ongoing geopolitical tensions.
00:41For all things money, visit Benzinga.com.