Oil price forecast raised to $80 per barrel for 2024, OPEC+ cuts to supply cited

<p>Oil price forecasts have been raised for 2024 to $80 per barrel by analysts at Fitch (the rating agency), ICYMI:</p><ul><li>from previously forecast $75</li><li>the forecast for 2025 was left at $75</li></ul><p>Citing OPEC+ moves on supply cuts:</p><ul><li>"Weak global growth in 2024 could prompt further OPEC+ cuts if the oil market shifts decisively into surplus, but the latest deal at end-November highlighted reluctance to bring output much lower" </li></ul><p>More from the report:</p><ul><li>expects global growth to drop 2.1% in 2024</li><li>the market is likely to witness a deficit is likely to remain in H1 2024, provided the OPEC+ countries comply with previously announced production cuts</li><li>Russian export volumes have continued to remain resilient despite sanctions</li><li>US shale production growth is expected to moderate in 2024</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.