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.
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.
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.
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