This article explores the fluctuating oil prices in 2024, analyzing the impact of Chinese demand and geopolitical tensions. It also examines the trajectory of the renewable energy market, particularly the European offshore wind industry, which faced challenges in 2023 but showed signs of recovery towards the end of the year.
“We know fucking nothing more than anybody else does about oil prices.” So said Ryanair’s boss Michael O’Leary in his usual colourful manner at the European airline’s half-year earnings in November. Others have expressed similar sentiments over the years about how betting on the oil price is a fool’s game — although minus the swear words. Still, Lex bravely ventured forth last in January 2024 with a prediction that the days of $100 oil prices were over.
The European offshore wind industry had experienced a year to forget in 2023. But Lex reckoned it could not possibly get any worse in 2024. Many of the problems that had afflicted the sector in 2023 appeared to be easing, such as supply chain inflation. Interest rates have come down.
OIL PRICES RENEWABLE ENERGY WIND POWER CHINESE DEMAND MACROECONOMICS
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Prices End 2024 Flat Despite China Optimism and Middle East RisksOil prices ended the last week of 2024 with minimal changes despite anticipation of economic reports from China and the United States. Both Brent crude and West Texas Intermediate remained close to Friday's close, indicating a year-end performance largely similar to their beginning. The week saw gains fueled by optimism surrounding China's oil demand prospects, despite bearish forecasts from state-owned companies. Global oil consumption reached record highs in 2024, driven by continued demand growth despite China's underperformance. However, Rapidan Energy warned of increased supply risks in the Middle East due to escalating tensions with the Houthis, posing a potential threat to oil production.
Read more »
Russian Oil Flows to China via Kazakhstan Remain Flat in 2024Russia's oil exports to China via Kazakhstan have remained stable despite geopolitical tensions and shifting global energy markets.
Read more »
Nigeria's Oil Production Hit a 2024 High of 1.7 Million Bpd in NovemberNigeria's oil production has recovered significantly in recent months, reaching a 2024 high of 1.7 million bpd in November, due to a crackdown on oil theft and pipeline vandalism.
Read more »
Copper Prices 2024: Volatility and Market EmotionalityThe Copper Monthly Metals Index MMI remained bearish in December, despite a volatile year for copper prices. Investors were initially optimistic about a rate cut and increased demand for infrastructure and renewables, but sticky inflation and constrained global demand dampened these hopes. While prices trended sideways in Q1, treatment and refining charges reports and investment fund activity caused a spike in prices. Momentum continued into Q2, fueled by investor belief in a supercycle driven by rising electrification demand and constrained supply.
Read more »
The Crises That Didn't Happen: Olive Oil's Resilience in 2024This article explores how global supply chain issues did not lead to the anticipated collapse of the olive oil market in 2024. It highlights the adaptability of consumers, the role of government interventions, and the resilience of Spanish olive oil production.
Read more »
2024 Cycling Tech of the Year: From Walkable Cleats to Falling PricesThis article highlights some of the biggest bike tech stories of 2024, including 'walkable cleats', crank length debates, and the trend of falling bike prices.
Read more »