Morgan Stanley expects oil price at $80 per barrel during H1‎

Morgan Stanley expects Brent crude prices to stabilize at about $80 per barrel during the first half of 2024 before declining by the end of the year as supply exceeds the growth in global oil demand this year.

He also expected the growth of global oil demand to slow as the favorable factors that accompanied recovery from Corona recede.

According to Morgan Stanley analysts, the growth in demand for oil in 2024 will reach 1.2 million barrels per day, compared to about 2.2 million barrels per day in 2023.

The growth of supply from outside the Organization of the Petroleum Exporting Countries (OPEC) is also expected to decline, but at a slower pace, to grow by about 1.7 million barrels per day in 2024, driven in part by the production of the United States, Brazil, and Canada.