IEF – Comparative Analysis, 2024

In the short term, global oil demand forecasts are uncertain, with OPEC predicting higher growth than the IEA and EIA for 2024 and 2025. Non-OPEC oil supply growth is expected to slow slightly, with varying forecasts from different organizations. OPEC and non-OPEC countries have agreed to extend voluntary cuts in oil production to maintain market stability. However, market conditions are unpredictable due to conflicting forecasts on demand growth, macroeconomic indicators, and geopolitical tensions. Risks such as supply chain disruptions could further impact energy security. Overall, the oil market is facing uncertainty in the coming years as various factors influence supply and demand dynamics.