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In 2023, oil demand reached unprecedented levels, driven by the rapid expansion of Chinese petrochemical activity and a surge in its demand for NGL feedstocks. However, the pace of oil demand growth is decelerating, and expected to ease further in 2024. At the same time, a collective supply increase is set to elevate global supply to its highest-ever level. Record-breaking US supply is boosting non-OPEC+ output. When combined with record supply from Brazil and Guyana and a notable rise in Iranian production, prices are under pressure, and OPEC+ is increasingly hard pressed to support them.
US natural gas production is growing as well, while the global LNG market remains tight. US LNG export growth will accelerate in 2024 and beyond, with significant capacity additions.
Oil & Gas Journal
Xu covers worldwide oil and gas market developments and macroeconomic factors for Oil & Gas Journal, as well as conducting analytical economic and financial research, generating estimates and forecasts, and compiling production and reserves statistics.
She holds a PhD in International Economics from the University of California at Santa Cruz and was a consultant at the World Bank and intern at the International Monetary Fund before joining OGJ.