Oil price forecasts during 2024
Shrouq
The Organization of Petroleum Exporting Countries (OPEC) expected that global demand for oil next year, 2024, will rise by 2.25 million barrels per day, to an average of 104.36 million barrels.
The organization issued a report with the most prominent oil price forecasts during the year 2024.
Oil market during 2024
OPEC said in its report that it remains cautiously optimistic about the fundamental factors affecting oil market dynamics in 2024.
The OPEC report indicates that demand for oil is expected to be supported by the resilient growth of the global economy and the continued improvement of economic activity in China.
The report stated that OPEC's crude oil production fell by 57,000 barrels per day to 27.84 million barrels per day in November 2023 after declines in Iraq, Angola and Nigeria.
Supply forecasts
Regarding oil supplies, the OPEC report expected that non-OPEC oil production in 2023 would grow by 1.8 million barrels per day, unchanged from last month’s estimates, while it also maintained its expectations for non-OPEC production in 2024 at the level of 1.4 million barrels. .
The report indicated that supply growth this year is mainly driven by production in the United States, Brazil, Kazakhstan, Norway, Guyana, Mexico, and China.
The United States, Canada, Guyana, Brazil, Norway and Kazakhstan are expected to be the main drivers of oil supply growth next year, according to the OPEC report, which also expected the largest supply declines to occur in Mexico and Malaysia.
Oil prices during 2024
An energy consultant at Hawk Energy, Khaled Al-Awad, said that political interventions in oil prices previously pressured oil consumers to reduce their consumption to reduce carbon emissions, and this is a “failed policy.”
Al-Awadhi added, in statements to the Al-Arabiya channel website, that political pressures have moved to producers, especially OPEC producers and members outside the organization in the “OPEC+” alliance.
Al-Awadhi pointed out that political pressures moved from the consumer to the producer. He expected oil prices to range between $80 to $100 per barrel in 2024.
Oil prices rise 2024
Fitch, the credit rating agency, expects oil prices to reach an average of $80 per barrel next year, before falling to $70 per barrel in 2025.
The agency stated in a global economic outlook report that oil prices will fall to $70 per barrel during 2025, according to the Arab World News Agency.
