For the first quarter of 2024, we expect that the voluntary cuts will have limited impact on prices, and be offset by a higher supply by non-OPEC producers such as the US and Guyana, associated with a lower global demand growth. This will induce a surge of a supply surplus, putting downward pressure on prices.

Our outlook for the first quarter for Brent is to average around $83, while we expect an end of year price of $95, driven mainly by a recovery in the global economy as inflation softens and interest rates go down.