Oil demand to increase in 2024
Oil may not escape a recession
Those who believe a global recession has been avoided may be mistaken, with huge ramifications for the oil market in 2024
The theme for oil demand expectations at the beginning of 2024 is that the US and Chinese economies will prove their resilience and global crude consumption patterns will hit new records. It is a fragile and, arguably, misplaced assumption that could see oil prices slump and OPEC’s market management tested to its limits as supply tries not to overwhelm demand. Oil demand will increase by 1.1m b/d in 2024, according to the IEA. This is 130,000b/d above the agency’s previous estimate as it now assumes a better economic outlook for the US and a soft landing. OPEC echoes this bullishness, with its December oil market report highlighting an increase of 2.2m b/d, which is the same as its November
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
