Robust Non-OPEC Oil Supply Might Cap Oil Prices

Last year, global oil demand grew at a blistering pace with 2023 consumption exceeding the previous year’s by more than 2 million barrels per day. A number of energy agencies have provided demand growth forecasts for the current year, and the consensus is that global oil demand will see another uptick in 2024.  The Paris-based International Energy Agency (IEA) typically leans to the bearish side when it comes to oil demand and oil price predictions; however, the agency has raised its 2024 oil demand growth estimate from 850 kb/d in May…