Based on the provided content, here are the critical bullet points to inform the forecast for the price of oil by the end of the 2024 calendar year: 1. **OPEC+ Production Cuts**: OPEC+ has agreed to extend its crude oil production cuts through the end of 2024. Saudi Arabia additionally announced a voluntary cut of 1.0 million barrels per day (b/d) for July and August 2023. 2. **Supply and Demand**: EIA expects demand to surpass supply in the second half of 2023 and into 2024, leading to inventory drawdowns. This is expected to result in average inventory drawdowns of 0.4 million b/d between July 2023 and the end of 2024. 3. **Price Projections**: The EIA has forecasted Brent crude oil prices to increase to the mid-$80 per barrel range by the end of 2024, up from the June 2023 average of $75 per barrel. 4. **Global Production and Consumption**: Projected OPEC production for petroleum and other liquid fuels will average 33.9 million b/d in 2024, down from their 2022 peak. Consumption, particularly in non-OECD countries such as China and India, is expected to grow, with forecasted increases in consumption by those countries. 5. **Economic Impact and Market Volatility**: Changes in world production and consumption could lead to significant price differences than forecasted. Global economic developments and geopolitical events could also cause volatility in oil prices. 6. **U.S. Oil Production**: EIA forecasts U.S. crude oil production to reach new records in 2024 and 2025. 7. **Brent Crude Oil Price Forecast**: EIA forecasts Brent crude oil price to average $82 per barrel in 2024, similar to 2023, with a potential fall to $79/b in 2025 if production slightly outpaces demand, allowing inventory builds that could place some downward pressure on prices. 8. **Other Expert Outlooks and Market Analysis**: Other analyses suggest prices could range between $70 to $100 per barrel, with the potential for geopolitical events to affect the actual prices. Goldman Sachs and S&P Global forecast oil prices to remain stable or to increase, with emphasis on OPEC+ production decisions and global economic conditions. 9. **Geopolitical Risks**: Ongoing geopolitical tensions, especially in oil-rich regions, could lead to supply disruptions and affect oil prices. These risks include conflicts in the Middle East and relations between the U.S. and major oil producers like Russia and Iran. Based on these bullet points, and acknowledging the inherent uncertainty in economic forecasting due to potential geopolitical events and market dynamics, a conservative estimate would put oil prices slightly higher than current EIA forecasts by the end of 2024. This is due to sustained OPEC+ production cuts and the fact that demand is forecasted to outpace supply, thus contributing to a gradual rise in prices over the next two years. Taking a mid-point from various expert outlooks and considering a degree of uncertainty from geopolitical risks, the final forecast is as follows: The price of oil by the end of the 2024 calendar year will be $86 USD per barrel.