Earlier this week, both OPEC and the IEA came out with their Monthly Oil Market Reports for November. It proved to be an interesting read. Both organizations have quite a different read on what is happening in 2023 as well as what the outlook is for 2024. In summary, the IEA is quite bearish, while OPEC, by contrast, is rather bullish.
In their Feature Article, OPEC even spells it out: “Global oil market fundamentals remain strong despite exaggerated negative sentiments.” Participants in the tanker market will be very interested in this debate because whether the IEA or the OPEC scenario plays out in 2024 could have significant implications for tanker freight rates.
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