An ICYMI (like I did!) from Barclays on their oil price forecasts for 2024:
Brent crude prices forecast for this year slashed by $8 to $85 per barrel
- primarily due to "a higher starting point for inventories and a potentially longer path to OPEC spare capacity normalization."
- "inventories remain higher than expected and the chance remains that OPEC+ will take longer than anticipated to normalize spare production capacity"
- "we think investors should weigh the risk of looser OPEC+ cohesion, but it should not be the baseline scenario"
- says that there has been no material effect on supply despite rising Middle East tensions, and that unplanned supply outages are trending at the lowest level in years
