• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, July 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • 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

African Manufacturers Urge Investment In Local Industries

African Manufacturers Urge Investment In Local Industries

14 hours ago
Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

15 hours 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.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Oil Prices
SendShareTweetShare
Previous Post

Nigerian News: Trending News Today, LEADERSHIP Newspapers – Friday September 01, 2023

Next Post

MTNN Raises N125bn Through Commercial Paper Issuance

Chika Izuora

Chika Izuora

You May Like

African Manufacturers Urge Investment In Local Industries
Business

African Manufacturers Urge Investment In Local Industries

2025/07/06
Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners
Business

Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

2025/07/06
Notore Chemical Industries Delists From NGX
Business

Notore Chemical Industries Delists From NGX

2025/07/06
Business

PIA: PWDs Demand Inclusion In Niger Delta Host Community Board

2025/07/06
Share Local Content Success Strategies With Us, African Leaders Urge Nigeria
Business

Share Local Content Success Strategies With Us, African Leaders Urge Nigeria

2025/07/06
Burger King Recommits To Environmental Sustainability, Expands Footprint In Ogun
Business

Burger King Recommits To Environmental Sustainability, Expands Footprint In Ogun

2025/07/06
Leadership Conference advertisement

LATEST

Sustainability Professionals Institute Holds 5th Induction, Targets Chartered Status

4 Years Enough To Deliver Results As Nigeria’s President – Peter Obi

Nigerian Idol S10: Double Elimination As Lawrence, Mikki Exit Show

2027: Tinubu’s ‘Incompetence’ Behind My Renewed Push To Be President — Obi

‘How I’d Lead Nigeria As President’, Peter Obi Speaks On 2027 Plans

Ola Aina Signs New 3-year Deal With Nottingham Forest

I Never Worked For Abacha Or Any Gov’t – Peter Obi

JAMB Releases Results Of Mop-up UTME

WAFCON 2024: Super Falcons Cruise To Winning Start, Thrash Tunisia 3-0

Boko Haram Kills 9, Injures 4 Others In Borno

© 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.