Benchmarking: Oil Forecasts for 2024 Reflect Familiar, Deep Fears

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  • The outlook for 2024 demand growth among leading forecasters diverges widely, ranging from 1 million b/d to 2.3 million b/d.

  • Mainly as a result of these divergent demand forecasts, there is a lack of consensus on global balances in 2024.

  • China’s demand for 2023 remains a vexing data point even after seven months of the year have past — and also impact 2024.

Key forecasters have widely divergent views what the oil market can look like in 2024 as uncertainties around major trends, like the health of China’s and the global economy, Opec-plus’ resolve to choke supply and the war in Ukraine, leave their mark. Four preliminary forecasts for demand growth now range from 1 million barrels per day to 2.3 million b/d.

Crude Oil, Oil Demand, Oil Supply, Oil Forecasts, Opec-Plus Supply
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