There is plenty of uncertainty and disagreement around global oil demand growth in 2024, with OPEC and the IEA in particular disagreeing.
1. 2024 Demand Outlook Remains Murky as Forecasters Contradict One Another- As political narratives continue to shape the oil market’s sentiment about next year, two leading international organizations – the IEA and OPEC – have been holding widely different views about 2024 growth. - In its most recent oil market report, OPEC reiterated its expectation of world oil demand growing by 2.25 million b/d in 2024, only slightly lower than this year’s 2.
- Oversupply is miring both the solar and wind markets, with Europe’s struggling wind producers Orsted and Siemens Energy challenged by Chinese firms offering 20% discounts to gain market share. - According to Bloomberg, combined Q3 earnings from China’s seven largest manufacturers came in at the lowest since the end of 2021, prompting expectations that half of the firms in the sector might be out of business in the next 2-3 years if such conditions persist. 5.
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