They also lowered the forecast for Q4 by $5 to $70 per barrel. Meanwhile, they cut the forecasts for 2024 by $5 across the board as well with Q1 being $70, Q2 being $72.50, and Q3 and Q4 being $75 and $80 respectively.
"Despite low investment, non-OPEC+ supply has been growing robustly and supply from Iran and Venezuela has been creeping higher. We still model stock draws in Q3 but expect oil price softness to continue as the market's focus shifts to 1H 2024 when balances look in surplus."