Due to the OPEC+ production cut, oil prices are expected to exceed $100 per barrel next year

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In a study released on Friday, the American network “CNBC” predicted that oil prices will approach $100 per barrel next year as a result of certain oil producers in the “OPEC+” alliance’s agreement to restrict output.

The alliance released a voluntary statement stating output cutbacks that will take effect in the first quarter of 2024, with Saudi Arabia leading the way.

The analysis predicts that OPEC+ members’ adherence to these cutbacks would lead to an increase in oil prices over the next year, owing to sustained improvement in the oil market and a supply deficit.

Banks such as UBS and Goldman Sachs anticipate ongoing worldwide demand for oil as well as the impact of projected cutbacks on restoring market balance.

It should be emphasized that oil prices have lately fallen due to fears about global demand slowing and increased oil output by some producing countries, but the commitment to production reduction attempts to sustain oil prices and market stability.

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