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Oil Demand Could Surprise to the Upside in 2024: Rystad

OIL

Steady demand growth could lead a tight market this year and push oil prices higher, according to Claudio Galimberti at Rystad Energy in a Bloomberg interview.

  • This year could see tight balances in the first and second quarter of 2024. Demand growth was around 3mb/d last year and is expected at 1.2mb/d according to Rystad but could surprise to the upside.
  • “We can call the market a Saudi market in the past six-eight months, because they single-handedly generated a shortage on the market by implementing their very significant cuts,” he added.
  • Oil demand could increase “quite dramatically” this year and allow Saudi Arabia, and potentially OPEC, to gradually unwind their cuts.
  • At some point in the course of 2024 the oil market will be tight even without very deep cuts from the Saudis and OPEC.
Energy BulletsCommodities
Energy BulletsCommodities

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