Oil demand to increase in 2024
Oil may not escape a recession
Those who believe a global recession has been avoided may be mistaken, with huge ramifications for the oil market in 2024
The theme for oil demand expectations at the beginning of 2024 is that the US and Chinese economies will prove their resilience and global crude consumption patterns will hit new records. It is a fragile and, arguably, misplaced assumption that could see oil prices slump and OPEC’s market management tested to its limits as supply tries not to overwhelm demand. Oil demand will increase by 1.1m b/d in 2024, according to the IEA. This is 130,000b/d above the agency’s previous estimate as it now assumes a better economic outlook for the US and a soft landing. OPEC echoes this bullishness, with its December oil market report highlighting an increase of 2.2m b/d, which is the same as its November
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
