Markets

Russian Deputy Prime Minister Alexander Novak's forecast of Brent oil prices between $80-85/b in 2024 echoes Russia's strategy to bolster revenues amidst geopolitical challenges.

US Sour Crude Market Dynamics in a Global Context

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.