"2024 Oil Market Fluctuates: Prices Swing Amid Supply Shifts and Geopolitical Tensions"
TL;DR Summary
Crude oil experienced its first annual decline since 2020, dropping more than 10% in 2023 despite OPEC+ production cuts and geopolitical tensions. The decrease in oil prices was attributed to rising supply growth outside of OPEC+, with the International Energy Agency expecting non-OPEC+ production to exceed demand growth in 2024. The energy sector was one of the worst performers on the S&P 500 for the year, while certain energy and natural resources companies saw significant gains or losses in their stock prices.
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