Firmer oil prices expected as demand builds and supply curbs persist: Reuters poll

Sail GP Halifax: The Extreme Race Experience | SaltWire #racing #sailing #catamaran - Oil prices will gain some momentum this year as demand picks up and output curbs by the OPEC+ producer group continue to squeeze supply that is already being pressured by military conflicts, a Reuters poll showed on Thursday.

"We see the oil price rally going further until the summer months," said Florian Grunberger, senior analyst at data and analytics firm Kpler."This is due to the geopolitical risk premium and the interests of OPEC+ members, coupled with increasing demand in China." On the demand side, the overall consensus was roughly in line with the 1.3 million barrel per day rise for 2024 projected by the International Energy Agency.

"Traders have now fully absorbed the implications of the OPEC+ supply cut extensions at a time when demand is proving more robust than expected," said Matthew Sherwood, lead commodities analyst at the Economist Intelligence Unit.

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