Oil Prices Unlikely to Reach $100 in 2024, Despite Wall Street's Hope for Recovery
Analysts predict that oil prices are unlikely to reach $100 a barrel in 2024 due to surging non-OPEC+ oil production and significant storage space held by the OPEC+ group. The OPEC+ alliance is facing record-breaking US oil production and rising supply from other non-OPEC+ producers, which puts downward pressure on prices. While OPEC+ is trying to keep a floor under oil prices, it may struggle to prop up prices if it fails to extend production cuts beyond March 2024. The United States is now the global swing producer, accounting for two-thirds of non-OPEC+ production growth. OPEC+ may need to continue tight supply management to prevent a collapse in oil prices in the coming years.