Financial services firm Al Rajhi Capital predicts that crude oil prices will average between $75 and $85 per barrel in 2024. The oil market is anticipated to remain stable throughout the year, with the Organization of the Petroleum Exporting Countries (OPEC) playing a proactive role. The report highlights the potential for upside in prices due to demand growth and emphasizes the stability of the oil market, supported by OPEC's disciplined implementation of voluntary output cuts. Global oil consumption is gradually increasing, reaching 101.08 million barrels per day (bpd) in 2023, compared to 99.16 million bpd in 2022. OPEC foresees a robust rise in oil demand in 2024 and 2025, driven by demand in China and the Middle East.

SOURCE:HELLENIC SHIPPING NEWS