According to the International Energy Agency, it is anticipated that global oil markets will remain “comfortable” this year, as new supplies meet demand and prices remain under control.
According to the Executive Director, Fatih Birol, global consumption is projected to increase by 1.2 to 1.3 million barrels per day in 2024, which is significantly slower than the previous year due to economic slowdown in China and other places.
This will be easily met with production growth in China and the Americas.
Perol told Bloomberg TV from Paris that “this growth is more than sufficient to meet the global demand for oil, so in the absence of major geopolitical disruptions or major climate events, we expect a relatively comfortable oil market and moderate oil prices throughout 2024.”
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