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
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
