Goldman Sachs raised its forecast for Brent highs in the northern summer of 2024 by $2 per barrel, to $87. This is due to disruptions in the Red Sea contributing to slightly larger withdrawals than expected in OECD commercial inventories

OPEC maintained its forecast of relatively strong growth in global oil demand in 2024 and 2025, while raising its economic expansion projections for both years, stating that there is greater upside potential

Global oil demand growth is losing momentum, said the International Energy Agency (IEA), as it cuts its growth forecast for 2024, sharply contrasting with the projections of the OPEC

Saudi Arabia’s decision to postpone plans to expand oil capacity should not be interpreted as an assessment that crude demand is falling, the OPEC secretary-general said

The oil company YPF will focus over the next four years on its areas within the massive Vaca Muerta unconventional hydrocarbon formation in the southwest of the country

U.S. crude production will increase to 13.21 million barrels per day (bpd) in 2024, forecasted the Energy Information Administration (EIA), lowering growth expectations for pumping by 120,000 bpd

Russia will increase its pipeline gas exports by 11% and liquefied natural gas (LNG) exports by 14% due to the commissioning of new LNG production plants and an increase in volumes supplied to Asia, primarily to China, predicted Russian Deputy Prime Minister Alexander Novak

The crude oil exports from Saudi Arabia reached their highest level in five months in November, marking the third consecutive increase, as indicated by data from the Joint Oil Data Initiative (JODI)

Russia leapfrogged Saudi Arabia to become China’s top crude oil supplier in 2023, as the world’s biggest crude importer defied Western sanctions to purchase vast quantities of discounted oil

The International Energy Agency (IEA) has again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC’s expectations