Oil Market Outlook 2023-2024: An Update
Non-OPEC production upward revision, and the IEA’S questionable OECD demand growth estimates (With 4 charts)
MAIN TAKEAWAYS
While we remain bullish on oil, China will cap oil prices.
Global oil demand in 2024 will break this year’s record.
The wide gap between the estimated “call on OPEC” and actual OPEC production remains a concern.
Non-OPEC oil production has been revised up as companies respond to higher oil prices.
Demand growth estimates for 2023 by the IEA and OPEC remain optimistic.
The IEA’s estimates for oil demand growth in the OECD in 2024 are too pessimistic.
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