Are you eager to uncover the latest developments in the oil and gas industry as 2023 concludes? Doyle Bishop, the founder of Tulsa Heaters Midstream, shares his invaluable industry insights and delivers a final market update. In this episode, he explores the present state of the oil and gas sector and discusses what lies ahead for these indispensable resources.
As we approach the end of 2023, it is crucial to assess the trends and factors that have shaped the oil and gas market throughout the year. The industry has faced numerous challenges, including fluctuating demand, geopolitical tensions, and environmental concerns. However, despite these obstacles, the sector has continued to evolve and adapt.
According to the International Energy Agency's Oil Market Report for September 2023, world oil demand is expected to grow by 2.2 million barrels per day (mb/d) to reach 101.8 mb/d, driven by resurgent Chinese consumption, jet fuel and petrochemical industries. Moreover, the report states that global oil output will increase by 1.5 mb/d and 1.7 mb/d in 2023 and 2024 respectively, reaching new record highs.
The Deloitte Oil and Gas Industry Outlook predicts that the industry will enter 2023 with its healthiest balance sheet yet, along with continued capital discipline. This indicates that companies within the sector are prioritizing financial stability and sustainability.
However, it's important to note that US oil and gas production is projected to slow down in the first half of 2024, leading to a reduction in excess inventories.
Join Doyle Bishop in the final market update of the year as he delves into the trends, challenges and opportunities that shape this vital sector. Gain valuable insights into the current state of the industry and discover what the future holds for oil and gas.