- This is after OPEC+ managed to corral its members together to agree to a 1.2 mmb/d cut in early December – a move that managed to steady oil prices for mere days.
- If it manages to keep the supply/demand balance aligned, it is conceivable that crude prices could return to those ranges – which underpin the budgets of most major oil companies and producing countries - assuming that demand growth continues.
- With this in mind, the upside for crude oil prices will be limited in the coming year; US$60-65/b Brent crude oil seems like a safe bet for now, but as with all forecasts, this is never a certainty.
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