Dr Carole Nakhle, CEO of Crystol Energy, is quoted in this article written by Dean Mikkelsen from Oil & Gas Middle East commenting on the outlook for oil markets in 2024.
According to Dr. Nakhle, the lack of substantial supply disruptions is a crucial factor in maintaining stable oil prices. In addition, the extra spare capacity, due to OPEC+ cuts, has helped lessened the impact of the recent geopolitical developments that are notoriously known to affect markets.
OPEC's spare oil capacity vs oil price
Source: EIA
On balance, these fundamentals entail that crude oil is likely to remain rangebound around $80 per barrel ($/bbl) for Brent for the first quarter of 2024.
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