In 2024, global energy markets were shaped by Chinese oil demand, Middle East tensions, and U.S. shale industry consolidation. Chinese demand underperformed expectations despite stimulus efforts, while Middle East conflicts briefly reignited supply fears. U.S. shale producers resisted aggressive growth, favoring cautious consolidation. Natural gas demand surged, driven by Big Tech's electricity needs for AI data centers, enhancing its medium-term outlook. Wind and solar faced challenges from rising costs and negative electricity pricing. Nuclear energy gained traction as a low-emission solution, with small modular reactors offering promise despite construction challenges for conventional plants. These trends set the stage for 2025.
Original Article:
Oil Market 2024 in Review: A Year of Surprises and Shifting Demand
Malaysia