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IEA: Global oil markets to remain “comfortable” in 2024

by ChemOrbis Editorial Team - content@chemorbis.com
  • 13/02/2024 (14:35)
The International Energy Agency (IEA) expects global oil markets to stay “comfortable” in 2024 as increased supply will meet demand and keep prices moderate, Executive Director Fatih Birol said to Bloomberg.

Global oil consumption will rise to 1.3 million barrels/day from 1.2 million barrels/day, Birol added. The figure indicates a “significantly weaker” pace than last year due to the worsening economy of China and other countries. Nevertheless, increasing production in the Americas, specifically in the US, Canada, Brazil, and Guyana will easily meet oil demand.

Birol commented that as long as there are no geopolitical disruptions or extreme weather events, the oil market is expected to be comfortable in terms of supply with moderate price changes throughout the year.

Oil prices were up following the statement. At the time of writing, Brent futures were up by 1% to trade at $82.88/bbl during intraday sessions, while WTI futures rose 1% to $77.72/bbl.
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