Based on the content provided, here are critical bullet points extracted from the various reports and articles: - The U.S. Energy Information Administration (EIA) forecasts higher crude oil prices in the second half of 2023 and into 2024 due to moderate but persistent inventory drawdowns (EIA). - OPEC+ has agreed to extend production cuts through the end of 2024, with Saudi Arabia announcing additional voluntary cuts. This suggests tighter oil markets (EIA). - Non-OPEC demand, led by China and India, is expected to grow, exerting upward pressure on prices (EIA). - Oil price volatility in 2023 was less than that of the previous years, hinting at potentially greater stability moving forward (EIA). - Top U.S. banks predict a median Brent price of $85 for 2024, focusing on demand growth and potential supply disruptions (Oilprice.com). - Goldman Sachs forecasts a Brent price between $70 and $90 per barrel for 2024, with a potential spike above $100 due to OPEC cuts around Election Day (Fortune). - S&P Global Commodity Insights anticipates that oil could hover between $80-$90/barrel in 2024, with OPEC+ dictating market trends. - S&P Global Platts reports a consensus around oversupply in the first half of 2024, with a possible deficit emerging in Q3 of 2024 (Livemint). - Goldman Sachs Asset & Wealth Management Investment Strategy Group predicts oil prices to trade between $70 and $100 per barrel in 2024, considering slowing demand and non-OPEC production growth (Goldman Sachs). Logic and rationale for the forecast: When forecasting oil prices, a combination of supply and demand factors, OPEC+ decisions, geopolitical events, and macroeconomic conditions must be considered. OPEC+ cuts suggest tighter supply which, ceteris paribus, would normally lead to higher prices. The consensus among banks and financial analysts points toward an $80-$90/barrel range, factoring in additional voluntary cuts by key producers like Saudi Arabia and Russia. The growth in demand from non-OECD countries, particularly China and India, is expected to support prices. However, this could be offset somewhat by a possible global economic slowdown and increased production from non-OPEC sources. Additionally, inventory levels, as discussed in the EIA report, will play a crucial role in determining prices. Considering the mixed signals of potential OPEC+ production discipline contrasted with robust non-OPEC supply growth, the forecast for oil prices must also acknowledge the significant geopolitical risks and market uncertainties. Given that the forecast must be exact, and assuming that geopolitical tensions don’t lead to any long-term supply disruptions, it would be prudent to align with the expert consensus and banking forecasts. Considering these dynamics, the oil price forecast for the end of the 2024 calendar year, weighing the sources and potential geopolitical disruptions, should be aligned with the middle to upper end of the consensus range. This reflects the combined impact of moderately increasing demand, OPEC production discipline, and potential non-OPEC supply growth. Therefore, the forecast would be: The price of oil by the end of the 2024 calendar year will be $90 USD per barrel.