ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, September 17, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    Nigeria Seeks To Make History As First African Host Of Commonwealth Games

    I’m Fit To Shine In Scottish Premiership, Iheanacho Declares

    CHAN Eagles Star Ijoma Joins Bosnian Club On 3-year Deal

    Zenith Bank/NBBF Women’s Basketball League: First Bank Overcomes Bayelsa’s Challenge, Royal Aces Edge Air Warriors

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    Nigeria Seeks To Make History As First African Host Of Commonwealth Games

    I’m Fit To Shine In Scottish Premiership, Iheanacho Declares

    CHAN Eagles Star Ijoma Joins Bosnian Club On 3-year Deal

    Zenith Bank/NBBF Women’s Basketball League: First Bank Overcomes Bayelsa’s Challenge, Royal Aces Edge Air Warriors

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Barclays Predicts $97/bl Oil Price In 2024

by Chika Izuora
2 years ago
in Business
barclays
Share on WhatsAppShare on FacebookShare on XTelegram

As persistent underproduction from several countries belonging to the Organisation of Petroleum Exporting Countries(OPEC)+ and slower shale growth which may likely tighten the oil market further in 2024, Barclays has raised its Brent price forecast for next year by $8 to $97 a barrel.

Advertisement

“Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent underproduction from several OPEC+ producers due to structural constraints bolsters our core thesis behind a constructive view on oil prices,” the bank said in a note carried by Reuters.

But Barclays revised down its Brent forecast for this year to $84 per barrel, down by $3 from its previous forecast. The bank’s fourth-quarter estimate of $92 a barrel Brent remained unchanged.

Barclays expects a deficit of 670,000 barrels per day (bpd) on the oil market this year, and a 250,000 bpd deficit next year.

The bank sees a tussle between major oil producers and consumers unfolding.

Related News

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

1 hour ago

Federal Government Unveils $3.14bn Agric Investment Scheme With FAO

1 hour ago

“A tussle between key producers and consumers is visible in the G-7 efforts to cap Russian export prices and OPEC+ announces significant voluntary adjustments to output,” Barclays said in the note.

In recent weeks, market fundamentals have turned more bullish, with oil demand estimated to have hit a record in June and possibly heading to a fresh record this month, per forecasts by the International Energy Agency (IEA).

Meanwhile, Saudi Arabia and OPEC+ are staying the course with the cuts, with the Kingdom extending its unilateral cut of 1 million bpd into September and signalling it could extend it further, or extend and deepen it.

Global oil demand hit a record 103 million bpd in June, and August could see yet another peak, the IEA said in its closely-watched Oil Market Report for August.

Global oil demand is set to grow by 2.2 million bpd this year, with China accounting for more than 70 per cent of growth, the agency noted.

 

Join Our WhatsApp Channel

Tags: Oil Prices
SendShare10173Tweet6358Share

Other News Updates

Business

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

2025/09/17
Agriculture

Federal Government Unveils $3.14bn Agric Investment Scheme With FAO

2025/09/17
Business

Upstream Sector Attracts $18.2bn Investment, Unlocks 1.4bn Oil Barrels

2025/09/17
Business

CBN Enlightens Kano Residents About New Banking Initiatives

2025/09/17
Business

Rehoboth City Estate Unveils Wazobia, Smart Housing Project In Abuja

2025/09/17
Business

UBA Launches Whitepaper On ‘Unlocking Africa’s Potential’

2025/09/17
Leadership Conference advertisement

LATEST

Tragedy As Heavy Flood Sweeps Away Motorcyclist In Edo

Fubara Should ‘Appeal To Wike’ For Power To Make Decisions In Rivers — Tonye Cole

Celebrity Carpenter Finds Love After Single Fatherhood With 8 Children

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

Rivers Crisis Would Have Defied Solution Without Tinubu’s Intervention — Tonye Cole

Federal Government Unveils $3.14bn Agric Investment Scheme With FAO

ICSAN Conference Advocates AI-Driven Integration In Governance Landscape

Nigeria Seeks To Make History As First African Host Of Commonwealth Games

Gombe, UNICEF Launch Enrolment Drive To Tackle Out-of-School Children Crisis

Gombe Hosts Toxinological Society’s 2nd Scientific Conference, Deputy Governor Urges Indigenous Antivenom Production

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.