Brent Crude Oil to reach $88 by year-end – Deutsche Bank

Strategists at Deutsche Bank forecast Brent at $88/bbl by the end of 2024.

Continued OPEC+ discipline in a nearly balanced market for H1, and seasonal strength in H2

2024 Brent forecast at $88/bbl.

We look for continued OPEC+ discipline in a nearly balanced market for H1, and seasonal strength in H2.

With January OPEC compliance with voluntary curbs at ~50%, we see little upside for our H1 Brent $83/bbl.

The first possibility of relaxation of OPEC+ supply cuts will be in Q3 against a backdrop of tighter balances and higher prices, underpinned by seasonal strength.