China Awarded Major Contract By Iraq For Supergiant Oil And Gas Field 

PetroChina’s contract to develop the Nahr bin Umar gas field follows the takeover by PetroChina of ExxonMobil’s operator role in the giant West Qurna 1 field.
For China, Iraq’s gas sector is not just potentially massive but is also highly connected to its equally potentially huge oil sector.
Around 70 percent of Iraq’s gas reserves are ‘associated’ with oil fields, and the majority of these fields are located in the southeast of Iraq.

China Breaks Oil Import Records in Landmark Year

China’s oil imports reached 11.28 million bpd in the previous year, an 11% increase from
2022, driven by strong fuel demand at home and abroad.
Domestic crude oil production in China also hit a record, totaling 208 million tons for the year, averaging 4.2 million barrels per day.
China’s substantial oil storage activities and fuel exports, particularly to Europe post-Russian embargo, highlight both domestic and international demand dynamics.

Oil Prices Poised to Bounce Back in 2024

Top U.S. banks forecast a median Brent price of $85 for 2024, citing demand growth and potential supply disruptions.
Goldman Sachs revised its forecast to $70-$90 per barrel, while Citigroup predicts an average price of $75, factoring in slower demand growth and higher U.S. output.
The global oil market outlook for 2024 is largely bearish, but increased demand, especially from Asia, could lead to higher prices.