Oil prices are on the rise as anticipation grows for an extension and possible deepening of output cuts by OPEC and its allies, ahead of their upcoming meeting. Brent crude futures increased by 34 cents to $80.95 a barrel, while U.S. West Texas Intermediate crude rose by 31 cents to $76.20. The likely extension of existing production cuts in the OPEC meeting scheduled for November 26, as suggested by JPMorgan strategists, has led to market analysts projecting a moderate daily deficit in oil supply by 2024, with Brent prices potentially reaching a peak of $95 per barrel by August 2024. An increase to $100 per barrel is also in the cards, according to ANZ Research. All eyes are also on potential disruptions in Russian crude oil trade due to sanctions on ships involved in transporting Sokol crude to India. Despite the optimistic projections on demand, oil prices have remained fairly subdued this year. Still, the overall outlook for oil prices in the market remains positive, with the potential for an upward surge driven by geopolitical tensions or a stronger demand backdrop. This, coupled with the forecasted deficit in oil supply and expectation that existing production cuts will persist, sets the stage for a significant rise in oil prices in the coming years. As negotiations and discussions continue within the industry, investors and analysts are closely watching for further developments that could shape the future of oil prices and production.