World Finds it Difficult to Meet Energy Demands by 2050
OPEC+ Continue to Extend Cutbacks On Oil Production Till Second Quarter of 2024
By Shubhendra Anand , 14 March, 2024
The global oil industry is going through hard times since OPEC+ (Organization of Petroleum Exporting Countries), like Russia, has imposed cutbacks on exports. Analysts in the oil industry expect the cutbacks on oil exports to continue till the second quarter of 2024.
Surveys done by the oil industry predict that OPEC+ countries are expected to extend the cutback on oil exports till the second quarter of 2024. However, another survey in the oil sector suggests that OPEC+ countries are not supposed to make any changes in their production plans till the second quarter of 2024. According to the Energy Information Administration (EIA), crude oil prices are expected to increase based on the current price of the oil. Experts suggest that the rise in crude oil prices depends on the OPEC+ production cuts leading to global stock draws of 810,000 barrels daily. This resulted in an increase in the price of Brent from USD 78 per barrel to USD 85 per barrel in March 2024. The Brent price was USD 78 per barrel in December 2023. However, experts anticipate a fall in crude oil prices in April 2024, a reason for increased oil consumption and consumer demand. Another oil industry official mentions that the oil supply is increasing the demand for it, thus keeping the oil prices balanced. Therefore, OPEC+ has kept that oil distant from the market in 2024.OPEC+ has not declared the extension of cutbacks on oil exports till the second quarter of 2024. However, experts anticipate that OPEC+ may increase the production cuts after some member countries continue overproduction of oil in January 2024. However, the global energy sector will shift to green energy consumption by the end of 2050 as countries take the necessary steps towards it. Therefore, global oil consumption in the next five years may decline as it has been fluctuating for the past two years due to the economic conditions of the countries.
Forecasts of Cruide oil Prices
Latest News
World Finds it Difficult to Meet Energy Demands by 2050
The world's population growth will experience a significant increase by the beginning of 2024. The exponential growth of the population demands more resources. A survey in 2024 indicates that increasing demands for resources can severely impact the…
Unstable Wind Direction Interrupts Power Generation in the US
Wind Power Market Insights
Wind power production is an essential factor in the clean energy transition. A survey in the wind energy sector shows a notable decline in the United States wind power generation in 2024. The energy sector relies more on…
Globally More than Half of Carbon Emissions from Top 10 Percent of Carbon Emitters
Climate change is a concerning issue that can impact the day-to-day lifestyle globally. Carbon emissions are a significant threat responsible for climate change issues. Carbon footprints drive the emissions rate and lead to adverse climatic…
Cleantech Sector in the United States shows Sluggish Growth
The clean energy transition will take a new face in the United States in 2024. Cleantech firms are struggling to progress currently. United States cleantech firms suffer from various reasons, such as bankruptcy, lack of funds to support the green…
Brine Produces Lithium with Solar Power can Enhance Sustainability
In a remarkable and pioneering feat, researchers created a solar apparatus that can harvest and capture lithium from brine, a type of saltwater rich in lithium. This new technology could change how lithium is produced and mined, providing a more…
Shubhendra Anand
Head Research
