Oil prices are predicted to hit $100 per Barrel by 2024

by
Sharing is Caring!

by TonyLiberty

Oil prices are predicted to hit $100 per Barrel by 2024 due to:

1) Supply Crunch from OPEC+: The main reason behind this forecast change is the “lower for longer” supply strategy employed by Saudi Arabia and its OPEC+ partners. They’re determined to cut down oil inventories and boost prices.

See also  US government debt market collapse has begun, fueling bullishness in gold prices.

2) Global Demand: Looking ahead to 2024, there’s expected to be a surge in global oil demand, led by Asia. Countries like India and the Middle East are likely to increase their demand for oil.

See also  Russia will create new BRICS Precious Metals Exchange to become ‘key regulator of prices’ – Finance Ministry

3) Saudi Arabia’s Power Play: Saudi Arabia’s recent announcement to reduce production reflects its strong commitment to driving prices higher. This move can significantly impact global oil markets.


Views: 33

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.