CRUDE OIL IS FORECASTED TO COST $80 PER BARREL in 2024



Fitch, the rating agency, has adjusted its 2024 crude oil forecast to $80.0 per barrel, up from the previous estimate of $75. 

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However, it anticipates a decrease in crude oil prices in 2025 to $70 per barrel, aligning with its initial projection. Currently, the global market price for crude oil is $76 per barrel. 

If these forecasts prove accurate and considering the stability of the cedi, minimal changes in fuel prices at the pumps are expected in 2024. 

The 2024 assumptions for Brent and WTI oil benchmarks have been raised, supported by ongoing efforts from OPEC to bolster oil prices. Several members, including Saudi Arabia and Russia, have decided to implement additional cuts in the first quarter of 2024.

The UK-based firm suggests that the market is expected to face a deficit of around 1.2 million barrels per day in the second half of 2023, as per the International Energy Agency. 

OPEC+'s additional cutbacks indicate that the deficit might continue into the first half of 2024, contingent on robust compliance with production cuts.


Fitch Rating Agency 


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Fitch Ratings is a global credit rating agency that evaluates and assigns credit ratings to entities such as countries, corporations, and financial instruments. It provides independent credit opinions and analysis to help investors, issuers, and other market participants make informed decisions.

Fitch uses a letter-based rating scale, ranging from "AAA" (highest credit quality) to "D" (default), to assess creditworthiness. The agency considers factors such as financial health, market trends, and economic conditions when determining these ratings.

Fitch is one of the "Big Three" credit rating agencies, along with Moody's and Standard & Poor's. These agencies play a crucial role in the financial markets by providing assessments of credit risk, which investors and institutions use to make investment and lending decisions.

source: mobile.ghanaweb.com

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