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Russian President Vladimir Putin told an energy conference in Moscow on Wednesday that Russia and Saudi Arabia would “most likely” extend output cuts into 2024

The Saudis and the Russians may have taken a risk with their cuts, but with Brent at $95 per barrel, both incumbents have seen their oil revenues increase compared to earlier this year

Predicting the future of oil prices is less a game about fundamentals than it is about determining whether the Saudis are cutting output to jack up prices to balance their 2023 budget, or whether they truly see a need to stabilize the market.

Energy investors don’t share the enthusiasm of hedge funds and speculators, which have become the most bullish in nearly two years as oil equities are lagging behind soaring crude prices.

Projecting the oil price outlook just a few months out is proving to be a challenge, with prognostications by different experts varying by quite wide margins.