2024-02-16 11:57:51
The situation on the global oil market is likely to remain comfortable in 2024, as increased supplies by a number of countries will meet demand and will keep prices down, says Fatih Birol, head of the International Energy Agency (IEA).
As Day.Az reports with reference to Interfax, he told Bloomberg TV about this.
Global oil demand will increase by 1.2 million to 1.3 million barrels per day (b/d) in 2024, a much weaker pace than last year, as economic growth in China and many other parts of the world slows, Birol said. .
According to the January IEA report, global oil demand increased by 2.254 million bpd in 2023.
Increased demand will be easily offset by increased production in countries such as the US, Canada, Brazil and Guyana, Birol noted.
“This production increase will be more than sufficient to meet global oil demand,” the IEA head said. “So, in the absence of major geopolitical shocks or extreme weather events, we can expect a fairly comfortable oil market and moderate price movements throughout 2024.” “.
Birol reiterated the IEA’s forecast that global oil demand will plateau by the end of this decade as the world seeks to move away from fossil fuels to limit climate impacts.
He also noted that OPEC countries have so far demonstrated “good discipline” in fulfilling the conditions for limiting production, and also warned against further reductions in production, as this could provoke a rise in prices and increased inflation.
The IEA will publish its next review of the oil market on February 15.
Subscribe to our WhatsApp channel and stay up to date with the main news!