The starting point for this was the limited production of oil products (in particular, by cartels like OPEC). In our opinion, even in the long term, investments in the extraction of oil products and energy production will remain at an insufficient level. And this is one of the facts that indicates the prospects of investing in raw materials (commodities) in the first half of 2024.

What should an investor in commodities take into account? Let's take a closer look at the situation in the main categories of raw materials.

Oil and oil products

Oil will be an attractive investment asset in the coming months given such trends. As early as the second half of 2023, crude oil prices reached a local minimum (about $63 per barrel). According to our forecasts, this market will continue to have an imbalance between supply and demand this year. The global oil market could face a shortfall of around 600,000 barrels per day. However, there is a high probability that crude oil inventories in the Organization for Economic Co-operation and Development (OECD) countries will continue to remain low in 2024.

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