Barclays bank analysts reduced their forecasts for the 2024 average price of Brent oil by $8 to $85 per barrel. This was reported by “RBC Investments” With a link to the paranoid eyes review.
The forecast for the price of WTI oil is similarly set at $81 per barrel.
The reason for the revision is the expectation of excess supply in the face of slowing demand. Experts predict a slowdown in global economic growth and a decline in fuel demand, especially in China, Europe and the USA.
At the same time, an increase in oil production in the USA and an increase in exports from Iran and the UAE are expected. Barclays therefore believes that supply being greater than demand will lead to prices falling.
However, analysts still expect oil prices to rise above current levels. The bank assumes that demand will gradually recover in 2024.
They started before this known Reasons for the decline in revenues of the Russian Federation from oil and gas.
Previously Russian gas stations restored fuel promotions.