Markets

In 2023, the global oil industry faced significant challenges, with the year poised to conclude in negative territory.

The world's third-largest oil consumer is anticipated to experience a deceleration in crude oil demand growth in 2024.

The EIA has revised downward its Brent price forecast, projecting an average of $83/bbl for the upcoming year, citing concerns over global oil demand growth

China National Petroleum Corporation (CNPC), a state-owned oil and gas entity, projects a peak in China's oil demand by 2030, forecasting an annual range between 780MM and 800MM mt.

Recent reports and analyses paint a nuanced picture of the global oil and gas market, challenging the optimistic narrative presented at COP28.

Recent reports from Macquarie strategists reveal a nuanced outlook on the oil market.

Oil market analysts from JP Morgan project an average Brent crude price of $83/b in 2024, driven by expectations of resilient demand in the U.S., emerging markets, and stability in European markets.

The International Energy Agency (IEA) has adjusted its predictions for global crude runs, anticipating an increase of 1.9MM b/d in 2023 and an additional 1MM b/d in 2024

The oil-producer organization continues to view that the recent slump in crude prices occurred because of "exaggerated negative sentiments."