JPMorgan expects ‘more of the same’ in the oil market in 2024

This year has been an eventful one for the oil market.

Oil prices are down about 17% from the average price that prevailed in 2022. Meanwhile, supply cuts from some of the world’s largest producers and resilient demand from US consumers have kept a floor on prices many feared would fall even further after oil more than doubled from the start of 2021 to mid-2022.

“In 2024, we expect more of the same” wrote Natasha Kaneva, head of global commodities research at JPMorgan, in a recent global oil…