MOSCOW, October 12 - PRIME. The average price of Brent crude oil in 2024 will be just under $80 per barrel. On one hand, it will be influenced by the slowdown in oil demand in the transportation sector and the growth of production outside OPEC+, while on the other hand, it will be affected by rising tensions in the Middle East, shared Sergey Tereshkin, CEO of the oil products marketplace "Open Oil Market" (a Skolkovo resident), in an interview with RIA Novosti.

"In the medium term, long-term factors will increasingly affect prices, including the slowdown in oil demand in the transportation sector and the rise in production outside OPEC+. However, in the short term, the market will be supported by the growing tension in the Middle East. Therefore, the average annual price of Brent will be just under $80 per barrel. For comparison, the average price of Brent in the first nine months of 2024 was $82.7 per barrel," said the expert.

OPEC+ previously extended voluntary oil production cuts of 2.2 million barrels per day for two months, which were initially scheduled to be gradually lifted starting in October. As a result, the alliance's countries are expected to begin increasing production under these agreements from December. Russian Deputy Prime Minister Alexander Novak confirmed these intentions from OPEC+ on Wednesday.

Meanwhile, since the beginning of October, the oil market has been "shaken" by the escalation of the conflict in the Middle East. On October 1, Iran launched a massive rocket attack on Israel for the second time in history, calling it an act of self-defense. Israeli military officials state that approximately 180 ballistic missiles were fired, most of which were intercepted.



Translated using ChatGPT


Source:    https://1prime.ru/20241012/neft-852141020.html