Oil Forecast for 2024

Here is my take on how the Oil market price will average out this year. I have
included research from other sources that I feel have been fairly accurate in the
past and have credibility. Wikipedia used the EIA database to compile statistics from
recent years and showed that the top three oil producing countries (US, Russia, and
Saudi Arabia) have been producing at close to peak rates of between 9 – 12 million
barrels per day over the last three years. I am simply extending these numbers into
2024 and forecasting an average of 81 million barrels a day of crude oil production.
I think the averages will hold for this year even though we are seeing disruptions
due to the current military conflicts in the middle east. According to the chart below,
the world oil production is expected to show signs of slowing while other forms of
energy will be rising to fill in the supply gaps from increasing demand forecast over
the next 20-25 years.

Therefore, we now have an idea of what oil production, also known as
supply, will look like for 2024. This is just one side of the equation when it
comes to price. The other side of the pricing equation is demand. When it
comes to setting a price for an item, it all comes down to supply vs. demand.
Therefore, with demand increasing slightly and supply staying basically the
same globally, the price will probably increase slightly from current levels. I
am forecasting an oil price range between 80 – 90 dollars a barrel for most of
2024

Disclaimers:

The opinions and estimates offered constitute my judgment
and are subject to change without notice, as are statements of financial
market trends, which are based on current market conditions. The views and
strategies described may not be suitable for all investors. Any forecasts