The Brent crude oil benchmark is set to exceed $80 per barrel by the end of this year, according to a new Bloomberg Intelligence oil price survey
. The survey showed that the majority of respondents—53%--see Brent crude oil prices above $80 per barrel at the end of 2024. A much smaller percentage—5%--see crude oil prices exceeding $100 per barrel. The new Bloomberg Intelligence survey also showed that nearly a quarter of respondents see peak oil demand to hit prior to 2030—that's down from 50% of those surveyed in 2022 who saw peak demand by that time.
'The turmoil in the Red Sea and the Israel-Hamas conflict has arguably had a limited effect on prices, given there hasn't been any substantial disruption to oil flows, and OPEC has a meaningful amount of spare capacity. However, the Middle East tensions and the geopolitical risk premium may be slowly starting to become more baked into oil prices.
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