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Oil Prices To Get New Hikes In 2024
By Shubhendra Anand , 24 January, 2024
The oil industry sees new strategies for the year 2024 despite suffering high prices and other events due to certain reasons in 2023. In the last two years, crude oil prices have been affected by many reasons, such as geopolitical issues, cutbacks on supplies from oil-producing countries throughout 2023, and others.
According to the experts, unexpected events and geopolitical issues may happen in 2024 that lead to a hike in oil prices for the same year. China, the United States, and Russia may get involved in certain geopolitical tensions that warn of the rise in oil prices for 2024. Experts analyze other crucial events that may lead to elevated rates. In 2023, the oil industry witnessed high oil prices throughout the year, though the year ended with lower oil prices compared to the price it started with in the beginning. The first phase of 2023 shows a hike in the prices of oil. Brent oil prices started trading at USD 85.88 per barrel, and towards the end of 2023, the price went down to USD 77.96 per barrel. The forecasts expect higher oil prices globally in 2024. The price of oil is heavily dependent on the market condition of 2024, which is affected by geopolitical worries and other tensions. The recession has lowered oil prices; however, the production alternatives, despite the cutbacks in supplies, indicate a significant rise in oil prices for 2024.
The supply of oil and geopolitical tensions are the major factors affecting oil prices. If the production of oil is well maintained, oil prices will go down as the supply of oil gets smoother. Simultaneously, geopolitical tensions will lead to an oil crisis as it disrupts the supply to meet consumer demands. Based on the forecasts for oil prices for 2024, analysts expect the oil prices to be in the range of USD 90 per barrel. The United States Energy Information Administration (EIA) expects Brent crude oil prices to be around USD 93 per barrel in 2024 compared to the current Brent crude price of USD 80 per barrel. However, the supply disruptions in 2023 have led to soaring oil prices, but it is unpredictable whether the oil-producing countries will repeat the same in 2024.
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Shubhendra Anand
Head Research
