Outlook 2024: Middle East to continue making headlines in 2024
Especially in the products market, the Middle East is set to achieve significant growth
After the oil price crash of late 2014, the Middle East’s oil demand growth stalled, with a contraction of approximately 450k b/d between 2014 and 2018. This trend reversed in 2019, but was significantly offset by a 9% year-on-year contraction in 2020 due to the Covid-19 pandemic. By 2022, Middle East oil demand not only recovered to 2019 levels but also exceeded them by over 320k b/d, nearly compensating for the demand loss observed since 2014. In 2023, the Middle East is set to achieve over 2% annual growth in total oil demand, reaching a record high of 7.4m b/d. The primary reason behind the stagnation of oil demand growth in the Mi
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