International oil prices are likely to stay near $80 a barrel in 2024, a Reuters poll showed on Friday, as analysts predicted weak global growth would cap demand, while geopolitical tensions could provide support.
The analysts questioned whether the Organization of the Petroleum Exporting Countries and allies (OPEC+) would be able to sustain supply cuts to support the market.
The global benchmark Brent crude has averaged around $82.17 a barrel so far this year and was poised for an over 9% yearly decline as a strong U.S. dollar boosted by a high interest rate environment and subdued demand from top consumer China weighed.
A survey of 34 economists and analysts forecast Brent crude would average $82.56 in 2024, down from November’s $84.43 consensus. Just one contributor expected prices to average above the $90 mark next year.
U.S. crude was seen averaging $78.84 next year, from $80.50 last month.