Oil Prices Set for Stability in 2024, Say Industry Experts

Oil markets are expected to stabilize in 2024, steering clear of the dramatic fluctuations experienced in previous years. This outlook is shared by two leading industry figures, International Energy Agency Executive Director Fatih Birol and Mercuria Energy Group CEO Marco Dunand. They predict a year of “moderate” oil prices, supported by a slowdown in global demand growth and an increase in supply, particularly from the Americas. Some analysts, including those from JPMorgan Chase & Co., are forecasting potential price surges in the coming months, especially as Brent crude maintains a strong position above $80 a barrel.