Review of the International Crude Oil Market in 2023 and Outlook for 2024
In recent years,international oil price,affected by such factors as the production policies of OPEC+,Federal Reserve monetary policy,and geographical situation change,has fluctuated greatly,which offers a great challenge for oil enterprises'production and operation.The paper reviews the international crude oil in 2023 from the perspective of demand&supply,geography,and finance by taking international oil price as the main line.From the demand perspective,oil demand in Europe and the United States shifted from"decline"to"stability",with China and India driving steady growth in global crude oil demand.On the supply side,OPEC+ remained steadfast in its production cut strategy to maintain prices,while the United States and Iran emerged as key countries increasing output.Layered on top of this were intensifying geopolitical conflicts and high interest rates maintained by central banks in Europe and the United States,leading to wide fluctuations in international oil prices.Brent crude's average price for the year stood at 82$ per barrel,down 16.8%year-on-year.Looking ahead to 2024,the paper suggests the average oil price is expected to rise slightly over the last year in order to offer a reference for oil and gas industry's production and operation based on the marginal changes of key elements from such perspectives as decreased demand growth,OPEC+'s production cut extension,a cycle of interest rate cuts of US Dollar,and continuous geographical game.
International crude oil marketSupplyDemandOil price
NETL
NSTL
万方数据
维普
