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Letter from Austria: OPEC delivers wake-up call
A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs
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Oil demand ramps up air miles
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Letter from the Middle East: Iran-Israel war risks dire straits
A blockade of the Strait of Hormuz would have reverberations that would sound around the world
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Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
The oil risk premium fable
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Saudi Arabia and Russia pull OPEC+ in different directions
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Saudi-US energy ties adapt to multipolar world
Saudi Arabia and US relations can construct a new ‘field of dreams’, but opportunism may be the new rules of the game
Markets
Iman Nasseri
17 January 2024
Follow @PetroleumEcon
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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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