The Oil Market Is Tightening to 2016 Levels ...Middle East

Last week, the International Energy Agency reported that global oil demand growth is losing momentum, with demand growth clocking in at 1.4 mb/d in January, down from 2.8 mb/d in 3Q23 to 1.8 mb/d in 4Q23. According to the IEA, the expansive post-pandemic demand growth phase has largely run its course. Thankfully, falling supply is expected to counter slowing demand growth with non-OPEC supply by the U.S., Brazil, Guyana, and Canada expected to come in at 1.6 mb/d this year compared to 2.4 mb/d in 2023. The best part for oil bulls, however,…

Hence then, the article about the oil market is tightening to 2016 levels was published today ( Tuesday 20/02/2024 - 01:05 AM ) and is available on OILPRICE ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

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