Browsing: Oil market prediction 2024

oil market predictions
  • The African Energy Chamber predicts that oil markets in 2024 will stay balanced and somewhat flat, with only marginal growth.
  • Aviation-driven liquids product demand—primarily from the US and Asia—likely will comprise over 50% of global demand during the next 18 months.
  • Another key driver will be industrial demand, particularly from the petrochemical sector in the Middle East, Asia, and the US, along with power generation projects.

Six months after the World Health Organization (WHO) declared COVID-19 is no longer a health emergency, it’s still difficult to fully grasp the far-reaching damage the pandemic has inflicted, from the tremendous toll on lives to economic devastation.

The chaos certainly was felt in the oil industry, which saw record distortions during the pandemic era, especially during its first few months.

As David Gaffen wrote for Reuters in February 2022, “Like much else during the pandemic, what was happening in fuel markets was unprecedented. …