Brent 2024 forecast lowered to 84.01 a barrel
WTI forecast cut to 79.56 a barrel
OPEC to meet on June 2, seen keeping output cuts in place
Price support seen at 80 if cuts extended analyst

May 31 Reuters Analysts have lowered their 2024 oil price forecast for the first time since February, reflecting lower risks to supply from ongoing wars in the Middle East and Ukraine, a Reuters poll showed on Friday, as markets gear up for a meeting of OPEC and its allies this weekend.

A poll of 41 analysts and economists surveyed by Reuters in the last two weeks saw Brent crude averaging 84.01 per barrel in 2024 with U.S. crude at 79.56 down from April forecasts of 84.62 and 80.46, respectively.

Brent has averaged around 83.50 so far in 2024, and fell about 6 in May in its first monthly drop this year.

In the coming months, we do not anticipate any immediate threats to the oil market stemming from the conflicts in the Middle East or the UkraineRussia situation the market has gradually discounted the 39;war premium39; associated with these geopolitical risks, said SEB analyst Ole Hvalbye.

However, this perspective carries a degree of complacency, and there remains a possibility that the market could be unexpectedly impacted by sudden developments, Hvalbye added.

OPEC, led by Saudi Arabia and Russia, is set to meet virtually on June 2, where it is expected to keep in place its voluntary production cuts of about 2.2 million barrels per day bpd.

The organisation will need to…