The energy sector is expected to grow significantly due to geopolitical tensions, supply constraints, and rising global demand for natural gas and crude oil.
Oil prices have been rising due to increased tensions in the Middle East as the war in Gaza wages on. Concerns over the conflict spreading to other countries in the region and OPEC+'s decision to stick with oil supply cuts could hinder global output.
OPEC has predicted robust fuel use in the summer months and maintained its forecast for relatively strong growth in global oil demand. Global oil demand is expected to increase by 2.25 million barrels per day in 2024.
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