Brent prices to remain stable in 2024

In a recent statement, the International Energy Agency (IEA) head, Fatih Birol, expressed confidence in the stability of oil prices throughout 2024, despite ongoing regional tensions worldwide.

At Rekon, we anticipate Brent crude prices to maintain a range between $75.6 and $84.9, reflecting a balanced market outlook. Our comprehensive analysis indicates that prices in the first quarter are poised to follow a downward trend declining steadily to $75.6 per barrel.

Subsequently, during the second quarter, a notable upswing is forecasted, culminating in a peak around $85. As we progress into the third quarter, prices are expected to gradually decrease once more, settling within the range of $78-79. This pattern is projected to persist throughout the final quarter of the year, with prices maintaining stability within the range of Q3.

Aligning with the IEA's assessment, Rekon asserts that barring unforeseen major world events such as wars, pandemics, or civil conflicts, oil prices are likely to remain relatively range-bound.

This forecast underscores the importance of diligent monitoring and informed decision-making in navigating the complexities of the global energy market.