In this article, we will cover Exness opinions alongside reporting from the Wall Street Journal, which is a commercial partner of Exness. It’s been a wild week for oil prices. Saudi Arabia extended its production cut of 1 million barrels per day (bpd) into September. As a result, a recent poll by the Wall Street Journal now suggests that Brent crude should hit an average of $87 (USD) per barrel in Q3 and remain stable until Q2 2024. Saudi Arabia also admits to working on building up its oil reserve. By further limiting oil availability beyond the known production cuts, prices may react even more bullish in the medium term.
Another factor influencing oil prices is the increase in offshore drilling. In July, Wood Mackenzie reported that deepwater drilling is on the rise as companies explore more offshore opportunities.
Also notable are the US Energy Information Administration (EIA) projections that shale oil production will decline in Q3 after hitting a July high. The recent decline to 9.4 million bpd, should increase demand for Brent. Overall, oil is already bullish but nowhere near the upper range of 2023, which is still low compared to 2022’s $126 high. Don’t be surprised if the $85-$90 range is breached.
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