Oil Limps Into 2024 as OPEC, War Fail to Prevent Drop

Concerns about expanding ex-cartel production hurt benchmarks
WTI lost about 11% in 2023, the largest dip since 2020

WATCH: Oil could climb to $85 as early as the second quarter, according to Amrita Sen of Energy Aspects.Source: Bloomberg

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By Yongchang Chin, Alex Longley, and Mia Gindis

December 29, 2023 at 12:21 AM UTC

Corrected

December 29, 2023 at 9:24 PM UTC

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Oil posted its biggest annual drop since 2020 as war and OPEC+ production cuts failed to propel prices higher in a year dominated by supply growth outside of the grouping.

West Texas Intermediate declined 0.2% to settle just under $72 a barrel Friday, closing 2023 at almost $9 below where it started the year. A broader Bloomberg gauge of commodities has dropped by about 10% over the past 12 months.