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2024 oil, gas, and chemicals industry outlook

The oil and gas industry should look to uphold capital discipline and prioritize viable low-carbon projects to help successfully navigate the changing energy demand landscape.

The energy landscape continues to be shaped largely by four disruptors: geopolitical factors, macroeconomic variables such as high interest rates and rising materials costs, evolving policies and regulations, and the emergence of new technologies. These disruptors can have a significant impact on demand and supply, and trade and investment within the crude oil and natural gas (O&G) industry. The addition of OPEC+’s output cuts of 2.5 million barrels per day (mbpd) pushed Brent oil prices past US$90/bbl1, while US Henry Hub natural gas prices rebounded to US$3.50/mmBtu in early November 2023.2

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