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Oil prices: Sell rallies in early 2024 before the storm hits in 2025, Citi warns
January 12, 2024 11:26 AM EST(Updated - January 12, 2024 11:27 AM EST)
Citi commodity strategists project that, absent significant supply disruptions, OPEC+ is likely to maintain its 1Q24 production cuts throughout 2024, initiating a tapering process only in 2H25 due to diminishing effectiveness.
This strategic move aims to balance global oil markets, potentially sustaining oil prices above $70/bbl on a Brent basis throughout 2024, strategist Maximilian Layton said.
The rationale behind rolling over production cuts is not only to avoid a sharp price drop, often deemed as "shock therapy," but also to... More
