Oil: Five things to watch in 2024

Many of the biggest themes of 2023 will come to a head this year, but beware both naysayers and apologists

Last year was supposed to be the year of the new normal. Instead, there remains huge uncertainty over the global economic outlook, OPEC’s unity, geopolitical tensions and the energy strategies of both IOCs and NOCs. But the oil industry must navigate not only vastly opposing market forces but also the competing agendas of bullish and bearish narratives. This raises the question of where those with vested interests should put their trust. Even apparently independent commentators must be assessed for their biases, especially when there are headlines to be written and money to be made, and when the way ahead is unclear. Is $80/bl a sweet spot? An oil producer’s bare minimum level? A pain point