Outlook 2024: Middle East to continue making headlines in 2024
Especially in the products market, the Middle East is set to achieve significant growth
After the oil price crash of late 2014, the Middle East’s oil demand growth stalled, with a contraction of approximately 450k b/d between 2014 and 2018. This trend reversed in 2019, but was significantly offset by a 9% year-on-year contraction in 2020 due to the Covid-19 pandemic. By 2022, Middle East oil demand not only recovered to 2019 levels but also exceeded them by over 320k b/d, nearly compensating for the demand loss observed since 2014. In 2023, the Middle East is set to achieve over 2% annual growth in total oil demand, reaching a record high of 7.4m b/d. The primary reason behind the stagnation of oil demand growth in the Mi
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
