Energy
Analysis: Record US oil production and weak demand set to keep prices lower in 2024
Despite threats by the Opec cartel to cut production in a bid to keep oil prices higher, record supplies from the US is keeping Brent oil prices on a downward curve
Supply is back in the driver’s seat for global oil markets.
At issue is rising crude production from non-Opec+ nations including the US, which could outstrip global demand that’s still growing but at a slower pace. The oil cartel’s response has been to pledge deeper cuts in production, but traders are sceptical they’ll be sufficiently implemented to fully eliminate a surplus.
The combination has already pushed crude oil to its first annual decline since 2020, ...
