A piece in Dow Jones / Wall Street Journal media on Citgroup's Brent oil forecasts for next year
- project $73/bbl price for Brent by Q2 2024
- and an end 2024 forecast at $68/bbl
Citi do warn though that there is potential for explosive price gains should there be a polar vortex or geopolitical upheaval (but Citi sees a low risk for a potential widening of the war in the Middle East)
Citi believes that supply will outpace demand by an average 1.4 million b/d in 2024
- citing contributions from non-OPEC supply from Argentina, Brazil, Canada, Guyana and the U.S.