Oil prices fell to their lowest level at the end of this year, and a barrel of Brent crude closed at $77 per barrel, which is low compared to what the oil-exporting countries, led by Russia and Saudi Arabia, had hoped for.
A barrel of oil was unable to reach $100 in 2023, despite the wars and repeated OPEC Plus cuts.
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The average price in 2023 reached $82. A year ago, the financial markets expected the price of oil to reach $81 per barrel for the year 2023. The result was actually accurate and the markets expect that the average price for the next year 2024 is $76, which means that prices Oil is heading downhill.
Brent crude futures fell below $80 levels in recent weeks from $97 levels last September, and analysts attributed the decline in oil prices to several factors, including:
- American oil production increased to 20 million barrels per day, and America became the largest oil producer and larger than the production of Saudi Arabia and Russia combined.
- Global interest rates rise, leading to a slowdown in the economy and a decline in demand for oil.
- Slowing economic growth in China, the world’s largest oil importer.
J Bank said: with me. Morgan said, “Demand for oil is declining, especially in China, as the country struggles with high inflation rates and energy shortages.”
Goldman Sachs added, “Oil prices may fall to $65 per barrel in the first quarter of 2024.”
Despite the Saudi and Russian production cuts that continued for months and were extended for the coming months, oil prices are continuing to decline and this could lead to a price war and control of quotas.
The decline in oil prices will reduce Saudi revenues, and the Kingdom will be forced to borrow in order to finance the budget deficit and finance the projects it is working on.
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2023-12-30 18:35:02
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