Based on the information provided, here are critical bullet points extracted from above content that will inform the oil price prediction for the end of the 2024 calendar year: - The EIA forecasts higher crude oil prices in the second half of 2023 and into 2024 due to moderate but persistent inventory drawdowns. - Saudi Arabia and Russia's voluntary production cuts and OPEC+ members' lowered output targets have tightened global oil markets. - Goldman Sachs predicts Brent could hit $107 per barrel by December 2024 if OPEC+ extends its production cuts. - The EIA has increased its 2024 forecast for Brent crude by $6.69 to $94.91/b and WTI crude to average $90.91/b, up $7.69 from the last estimate for the year. - Goldman Sachs also predicts the Brent crude oil price will average $82 per barrel in 2024 but could fall to $79/b in 2025. - Global oil inventory draws are expected to continue decreasing at about 200,000 b/d during the first quarter of 2024 before balancing out. - The Asset & Wealth Management Investment Strategy Group at Goldman Sachs forecast oil prices to trade between $70 and $100 a barrel in 2024. - The dynamics of the global oil market have significantly changed since the 1970s, affecting the potential impact of geopolitical tensions on oil prices. - Goldman Sachs' Asset & Wealth Management Investment Strategy Group (ISG) indicates that short-term volatility in oil prices will continue due to macroeconomic uncertainties and heightened geopolitical risks. - Key factors supporting the predicted price paths include OPEC production policies, discipline, global economic recovery, and impacts of geopolitical events. Logic and Rationale: The forecast takes into account the tightening of the global oil markets due to voluntary production cuts by major oil producers and the expected moderate demand growth exceeding the production growth. The significant increase in the EIA's forecast for oil prices in 2024 acknowledges the impact of OPEC+'s production decisions on global supply. Goldman Sachs' projection of potential spikes in oil prices due to extended OPEC+ cuts further supports a bullish outlook on oil prices, demonstrating the significant influence of OPEC+ policies on global oil markets. However, the prediction also considers the eventual balancing of global oil demand and supply by the second half of 2024, which could soften upward price pressures. Moreover, the acknowledgment of potential volatility suggests that while the general trend points towards higher oil prices, temporary dips or spikes could occur due to geopolitical tensions or macroeconomic shifts. Considering these factors and given that multiple reputable sources incline towards a bullish view on oil prices for 2024, yet acknowledging potential volatility and downward price pressures in the latter half of the year or into 2025, a forecast within the higher range of current predictions seems reasonable. Forecast: The price of oil by the end of the 2024 calendar year will be $95 USD per barrel. This forecast aligns with the upward trend highlighted by the EIA and Goldman Sachs, while also factoring in the broader range provided by the ISG at Goldman Sachs, which accounts for potential volatility and geopolitical risks that could affect market dynamics through the year.