Energy Oracles: Saxo’s Hansen sees potential oil market floor and ceiling
Update: 2023-11-08
Description
With OPEC+ prepared to defend $75–80/bl and buyers adjusting to elevated prices, the oil market may have found a new Goldilocks price—one that is neither too hot nor too cold for producers and consumers alike. Ole Hansen, head of commodity research at Saxo Bank, tells Paul Hickin, editor-in-chief at Petroleum Economist, that while geopolitical risks could cause the market to spike, economic fundamentals and dormant supply are likely to keep prices capped in 2024.
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