Strategists at Deutsche Bank forecast Brent at $88/bbl by the end of 2024.
Continued OPEC+ discipline in a nearly balanced market for H1, and seasonal strength in H2
2024 Brent forecast at $88/bbl.
We look for continued OPEC+ discipline in a nearly balanced market for H1, and seasonal strength in H2.
With January OPEC compliance with voluntary curbs at ~50%, we see little upside for our H1 Brent $83/bbl.
The first possibility of relaxation of OPEC+ supply cuts will be in Q3 against a backdrop of tighter balances and higher prices, underpinned by seasonal strength.
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