On average, Stratas Advisors predicts that supply will be at a deficit of 840,000 bbl/d during 2024.
Reducing greenhouse gas emissions from hydrocarbons through carbon capture and other technologies achieves better results than alternative energies, Saudi Aramco CEO Amin Nasser said.
By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
The year-on-year decline was due to lower crude oil prices and volumes sold and lower refining and chemicals margins.
Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
The Energy Information Administration says it is unlikely that the record will be broken by another country in the near term.
Stratas Advisors' John Paisie forecasts the price of Brent crude to increase during the second and third quarters of this year and move toward $90/bbl.
For the upcoming week, Stratas Advisors expect the price of Brent will move sideways and will struggle to break through $85.
Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea shipping have supported oil prices in 2024, although concern about economic growth has weighed.
TG Natural Resources rides the LNG wave with its Rockcliff deal amid a shale consolidation boom.