Bloomberg (is gated) reported on Citi’s view that the price of oil will fall sharply in 2024:
- Brent crude will collapse to the low $70s a barrel next year
- global oil market to swing back to a surplus
- shift reflects “more oil coming into the market,”
- “Higher prices in the near term could make for more downside for prices next year”
That would be a big swing indeed.
Owners of V8 JDM cars will be happier (cough).