The International Energy Agency‘s December 2023 «Oil Market Report» forecasts that world oil demand in 2024 will reach 102.7 million barrels per day, an increase of 1% over 2023.

World oil demand is a key indicator in the energy industry and is subject to a number of factors, including global economic activity, oil prices, energy policies and evolving technologies.

Looking ahead, Halliburton Company expects demand for oil and natural gas to continue to grow in the coming years as easing inflationary pressures in Organization for Economic Cooperation and Development (OECD) countries increase the likelihood that central banks will cut rates, easing fears of a macroeconomic slowdown. 

The company predicts that the long-term expansion of the global economy will continue to increase demand for all forms of energy. 

Halliburton also expects oil and natural gas to remain a critical component of the global energy mix. 

From its perspective, oil demand growth will be driven by resilient global economic growth and increases in transportation activity. 

In addition, Halliburton believes that oil supply dynamics have fundamentally changed due to, among other things, investor return requirements and regulatory initiatives adverse to oil and natural gas exploration and production and promoting alternative energies, any of which could limit supply growth. 

Oil demand in 2024 

The company believes that despite changes in oil supply dynamics, increased investment in new and existing production sources is the only solution to increasing supply and that production will be needed from conventional and unconventional, deepwater and shallow-water, and short- and long-term sources. 

Internationally, oil and natural gas exploration and production activity is expected to grow during 2024. 

Although regional differences in growth rates are anticipated for 2024, the Middle East and Asia regions are expected to experience the largest increases in activity, with other regions close behind. 

Finally, growth is expected in services related to carbon capture, utilization and storage.