Another important macro factor for the year-ahead outlook for E&Ps pertains to capital flows. How large fund managers react to events as they unfold and how they approach E&Ps is anyone’s guess. But what’s clear at the moment is that money managers are reluctant to allocate to energy.

Macro conditions will influence the outlook for E&Ps, so we’ll first review the important macro considerations to provide background for the reasoning behind our picks.

For 2024, the oil market supply and demand outlook is unusually binary. Since our market balances point to a 500,000 barrel per day supply deficit during the year, demand factors could either tip the balance into larger inventory draws or push the market into inventory builds.

Den russiske præsident, Vladimir Putin, besøger De Forenede Arabiske Emirater og Saudi-Arabien i denne uge, og bruger dermed en sjælden rejse ud af Rusland til at styrke styrke partnerskaber med vigtige olieproducenter, skriver Bloomberg