Outlook 2024: OPEC at the wheel
OPEC+ has created a new and higher oil market floor that both sets the scene to revive oil investment and has the begrudging acceptance of consumers
OPEC+ is back in the driving seat. For several years it has felt like huge black swan events have been controlling oil markets and the 23-nation producer alliance has been more in damage control mode than focused on fine-tuning market stability. But that tentatively has all changed. Indeed, oil prices appear to be lacking direction but that is maybe because, for OPEC+, whisper it quietly, they have already reached a destination of sorts. The oil market’s new-found equilibrium of between $80-100/b seems to have the implied support of producers and consumers alike. OPEC has shown it is likely to intervene if either prices drop into the $70s or there are alarming signals around demand. The Gulf
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US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
