Oil Market 2024 in Review: A Year of Surprises and Shifting Demand

It has been an eventful year for world energy: oil supply jump scares in the Middle East, a surge in electricity demand, and a nuclear renaissance were all among the hallmarks of 2024, along with a pickup in natural gas demand. All of these trends appear set to continue into 2025, along with increasingly severe challenges on the path of the energy transition. In oil, 2024 was an interesting year, with OPEC and the International Energy Agency vastly differing in their forecasts about demand for the commodity that underpins the global economy. Other…