Main Driving Forces Behind Global Oil Demand in 2024

Main Driving Forces Behind Global Oil Demand in 2024

According to the prognosis by Wood Mackenzie, a global energy research company, oil demand should grow by 1.9 million barrels per day (bpd) during 2024. However, forecasts differ depending on factors such as fossil fuel reduction agreements, decisions of the biggest oil suppliers about oil outputs as well as geopolitical tensions. Middle east conflict in the last couple months have driven oil prices upwards but they somewhat stabilized amid weaker global demand and full inventories especially in the US.

Declining Corn Prices Caught Farmers Off Guard

Declining Corn Prices Caught Farmers Off Guard

American corn farmers misjudged the market last year, when they anticipated hot summer which would result in scarce harvest. Despite drought during May and June of 2023, crops eventually survived thanks to the later rainy weather which led to overflowing storages in South America and the US. Farmers are now regretting not selling the corn when the prices were up. With global competition increasing in addition to oversupply, corn prices are now plummeting, erasing all the gains they made in the last few years.

EU Trade Surplus Surged in 2023

EU Trade Surplus Surged in 2023

According to Eurostat, in December 2023, the Eurozone achieved a trade surplus of approximately €16.8 billion ($18.14 billion), marking a significant turnaround from the €8.5 billion ($9.18 billion) deficit recorded in the same period the previous year despite not meeting market expectations of a €21.5 billion ($23 billion) surplus. Nevertheless, this transformation stemmed from a concerted effort to rein in imports across all sectors, even though exports experienced a slight dip, particularly to crucial trading partners.

Cocoa Prices on Record Heights upon Weak Production

Cocoa Prices on Record Heights upon Weak Production

Cocoa prices are reaching their record levels in London and New York due to crop destruction in Ghana and Ivory Coast, the world's top cocoa producers. Unprecedented weather conditions, including heavy rains and plant diseases, have severely impacted harvests, leading to a supply shortage. Prices have more than doubled during 2023, risking decreased demand amid concerns over inflation. The current meteoric rise in prices is expected to continue, with production declining significantly over the past year.