The International Energy Agency expects the oil market to be reassuring in 2024 Oil prices are modest

The International Energy Agency (IEA) said that the global oil market should remain “reassuring” this year as new crude oil supplies meet demand and curb prices. IEA Administrator Birol said global crude oil consumption would increase by 1.2 million to 1.3 million barrels per day in 2024, a “significantly slower” increase than last year. The increase was easily met by increased crude oil production in the Americas, mainly from the United States, Canada, Brazil and Guyana. “This increase in production is more than enough to meet the increase in global oil demand,” Birol said. "Therefore, in the absence of major geopolitical turmoil or major extreme weather events, we expect the oil market to be quite comfortable throughout 2024 and oil prices to move modestly. ”