In a report despatched to Rigzone final week, analysts at Normal Chartered checked out Worldwide Vitality Week in London, which they highlighted was previously often called IP Week and which they described as “a sequence of occasions and conferences on the perimeter of a convention organized by the Vitality Institute”.
“Relatively just like the Edinburgh Competition, the perimeter occasions have grown far past the dimensions of the eponymous official occasion,” the analysts said within the report, including that “the perimeter of IE week can loosely be categorized as consisting of a collection of alternatives for analysts to speak to merchants and one another, and for merchants to speak amongst themselves”.
“To a level, it serves as an infinite echo chamber from which merchants are inclined to emerge with robust views, be these views bullish or bearish,” the analysts stated within the report.
“In a market drifting sideways, reminiscent of the present one, previous IE weeks have generally added a way of path however have additionally generally simply added to the torpor,” they added.
Within the report, the analysts famous that “it’s maybe nonetheless too early to evaluate what has emerged as the important thing themes from this yr’s IE week echo chamber” however stated “we will restate our personal view briefly”.
“We predict the basics of the market are robust with 2024 demand progress forecast at 1.64 million barrels per day, and our balances present a counter-seasonal draw of 1.1 million barrels per day in Q1,” the analysts added.
“We forecast U.S. crude oil provide progress will gradual from 1.025 million barrels per day in 2023 to 308,000 barrels per day in 2024 and 130,000 barrels per day in 2025 and we anticipate non-OPEC provide as an entire to underperform relative to market consensus,” they continued.
“We predict OPEC+ will shock the market with a excessive compliance to targets, and that OPEC self-discipline will play the important thing function in eradicating what we see because the misplaced current market deal with spare capability,” the analysts went on to state.
The analysts additionally famous within the report that they’re bullish on costs and stated they anticipate to see Brent transfer above $90 per barrel “in coming months”.
EI’s Worldwide Vitality Week passed off from February 27 to 29 on the InterContinental London Park Lane lodge. The 2024 Worldwide Vitality Week included audio system from Shell, BP, ConocoPhillips, Equinor, Petronas, and Offshore Energies UK (OEUK).
Previous to the occasion, Rigzone requested EI if it was fearful about protests at Worldwide Vitality Week and if it was implementing any extraordinary safety measures at this yr’s occasion.
“We completely respect the suitable to peaceable protest,” an EI spokesperson advised Rigzone on the time.
“As with earlier years, wise safety measures are in place to make sure the protection of attendees and easy working of the occasion,” the spokesperson added.
The spokesperson additionally advised Rigzone that EI is guaranteeing environmental campaigners’ voices are heard contained in the convention, “with audio system from Simply Cease Oil, WWF, Aldersgate Group and others, alongside senior figures from the UN, IPCC, CEOs from standard and clear vitality corporations, and politicians from each major UK events – all centered on our theme, ‘the seek for the vitality transition’”.
A publish on EI’s X web page revealed on March 1 described this yr’s Worldwide Vitality Week as “profitable” and revealed that subsequent yr’s discussion board can be held from February 25-27 on the QEII Centre, which it described as “Westminster’s largest devoted convention area”.
“From 2025 Worldwide Vitality Week is shifting – a brand new everlasting, prestigious residence within the coronary heart of London – the QEII Centre,” a video within the publish states.
“Even larger and higher, extra dynamic, sustainable, and accessible,” the video provides.
For a take a look at Normal Chartered’s tackle Worldwide Vitality Week 2023, click on right here.
To contact the creator, e mail andreas.exarheas@rigzone.com