**Extracted Bullet Points:** - *EIA Forecast Increases:* The US Energy Information Administration has raised its 2024 forecast for Brent crude by $6.69 to $94.91 per barrel and expects WTI crude in 2024 to average $90.91 per barrel. - *OPEC+ Production Cuts:* OPEC+ members' production will fall by 340,000 barrels per day (b/d) in 2024, following a significant decline in 2023. Saudi Arabia has continued its voluntary production cut. - *Global Oil Demand:* The EIA has lowered its global oil demand outlook slightly for 2023 and 2024, with expected growth to 102.24 million b/d in 2024. - *US Oil Production Outlook:* The EIA expects US oil production to grow to 13.12 million b/d in 2024, which is a slight decrease from previous estimates. - *Geopolitical Risks and Volatility:* Events such as the war between Israel and Hamas and other Middle East tensions could impact oil prices substantially. - *Market Balance:* Supply-demand balances indicate a potential oversupply and stock builds in the first half of 2024, with deficits seen only by Q3 2024. - *Oil Price Range Predictions:* Various forecasts suggest oil prices ranging between $70 and $100 per barrel, with expectations for continued volatility. **Discussion and Rationale:** - *OPEC+ Influence:* OPEC+ has a significant influence on global oil markets, and their decision to maintain production cuts could keep supplies tighter than they would otherwise be, supporting higher oil prices. - *Demand Growth:* Although the EIA expects a moderate increase in global oil demand, growth is slowing. This could prevent oil prices from rising too sharply unless there are unexpected spikes in demand or further production cuts. - *Geopolitical Tensions:* Instability in oil-producing regions, particularly in the Middle East, poses a risk of sudden oil price spikes due to potential supply disruptions. - *US Output:* Increased efficiency and output in US oil production could offset some of the production cuts from OPEC+, providing a dampening effect on prices. - *Stock Builds and Oversupply:* The potential for oversupply in the earlier part of 2024 suggests that any upward price pressure may be more likely later in the year, aligning with expected deficits by Q3 2024. - *Consensus on Price Range:* The common range identified across forecasts for oil prices in 2024 suggests that market analysts are accounting for both supply-side management and demand growth variability. Based on the above bullet points, the consensus seems to lean towards a higher price for oil by the end of 2024 due to OPEC+ production cuts, anticipated global demand growth, and ongoing geopolitical risks. However, increased US production could provide a countervailing force to OPEC+ actions. Price predictions also include a fair amount of uncertainty, and the markets could still be sensitive to unexpected changes in global economy, further geopolitical developments, and major policy shifts from oil-producing countries. **Forecast:** The price of oil by the end of the 2024 calendar year will be $____ USD per barrel. Given that forecasts range between $70 and $100 with expected tighter supply from OPEC+, the volatility introduced by geopolitical events, and a moderate demand growth that balances the market towards the end of the year, the forecast will aim for the upper end of the consensus range while still remaining cautious of the potential for increased US output moderating the price. Considering these factors, I will place the forecast slightly below the EIA's prediction but within the range given by other analysts. The price of oil by the end of the 2024 calendar year will be $90 USD per barrel.