An impending recession, a deepening slowdown in the major economies of the world, less than expected crude demand from China, and less production will be defining features for oil markets in 2024.
Firstly, let’s recap the performance of crude oil in 2023.
Oil markets in 2023 - a recap
The oil markets in 2023 can be defined by certain characteristics. The most important of all was the prolonged production cuts by OPEC+ (the Organisation of the Petroleum Exporting Countries and its allies). Together they pump 40% of global oil supply.
