Oil Demand Recovers to Pre-Pandemic Levels, Prices Fluctuate as OPEC+ Seeks Balance and COP28 Eyes Fossil Fuel Phase Out
• Global oil demand has recovered to pre-pandemic levels and is expected to continue growing in 2023-2024, mainly driven by emerging markets
• Oil prices fluctuated significantly in 2023 between $70-$90 per barrel due to economic uncertainties and supply changes
• OPEC+ took measures to stabilize prices via production cuts, extended through early 2024; group dynamics shifted with Brazil joining and Angola departing
• COP28 represented a turning point in openly discussing transitioning from fossil fuels to net zero emissions by 2050
• 2024 outlook will be defined by demand and supply fundamentals, and the impact of COP28 decisions on the oil market medium-to-long term