Crude may touch $100-105/ barrel by early 2024; Dr Fereidun Fesharaki explains why

According to Dr Fereidun Fesharaki, Chairman of FGE, crude oil is easily likely to exceed $100 due to strong demand growth and balanced inventories, despite the recent production cuts by OPEC. Although China’s demand recovery is slower than initially projected, the country is still expected to lead in demand growth, being responsible for around 600,000 to 800,000 barrels per day, while simultaneously tilting more towards buying crude from Russia instead of other major suppliers. Meanwhile, the oil market is balancing itself with buyers and sellers, though the recent production cuts could indicate weakness in procurement rather than demand.