• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days What fool thought this was a good idea...
  • 11 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 6 days A question...
  • 11 days They pay YOU to TAKE Natural Gas
  • 17 days The United States produced more crude oil than any nation, at any time.
Editorial Dept

Editorial Dept

More Info

Premium Content

Uncertainty Surrounds Oil Demand Growth In 2024

demand

1. 2024 Demand Outlook Remains Murky as Forecasters Contradict One Another

- As political narratives continue to shape the oil market’s sentiment about next year, two leading international organizations – the IEA and OPEC – have been holding widely different views about 2024 growth.

- In its most recent oil market report, OPEC reiterated its expectation of world oil demand growing by 2.25 million b/d in 2024, only slightly lower than this year’s 2.44 million b/d, whilst the IEA expects a mere 880,000 b/d.

- A Reuters survey of 40 economists and analysts found that the average Brent prediction for 2024 came in at $86.62 per barrel, only a slight uptick compared to this year’s $84-85 per barrel range.

- China, India, and Brazil are expected to be the main drivers of crude demand growth next year, whilst the United States is set for its first year-on-year demand decline in the post-COVID period, falling to 19.9 million b/d.

2. US Natural Gas Output Defies Lukewarm Drilling Activity

- US natural gas production has been robust in September-October despite a significant slowdown in gas-focused drilling, averaging 101.7 BCf per day in October, only a tad below the 2023 monthly average high of 102 BCf/d.

- Injections in natural gas storage have been trending above average in October, with the latest EIA data putting gas stocks at 3,779 BCf (up 79 Bcf since the previous week ending October 20 and almost 6% higher than the 5-year…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News