"We do have a lot of production out there, and money spent by energy companies in 2023 is bringing lots of volumes out there, and maybe we're a little bit more resource and supply heavy than we were last year," said Andrew Botterill.
Demand is forecast to increase by about 1 million barrels per day in 2024, compared with 1.6 million last year, per analysis by the U.S. Energy Information Administration.
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