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Five trends that will dominate the energy sector this year

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By illuminem briefings 🌎

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: Here are the five energy trends that will dominate 2024:
1. Oil Price Stability: Despite volatility, bearish fundamentals and global economic data are expected to keep oil prices in check, with predictions averaging around $83/barrel
2. Mergers & Acquisitions (M&A): The energy sector may see more, but smaller-scale M&A activities, especially in the US, following major deals in 2023
3. Renewable Energy Growth: Despite challenges, a record-breaking installation of over 460GW of renewable energy is forecasted globally, with China leading the surge
4. US Reshoring of Clean Tech: The Inflation Reduction Act spurs US clean tech manufacturing, but challenges in labor and materials pose risks to this reshoring initiative
5. US Dominance in LNG: The US is set to increase its lead in the global LNG market, with new projects and potential expansions, despite some internal industry challenges.

🔭 The context: The energy sector in 2024 faces a mix of challenges and growth opportunities
Geopolitical tensions, economic factors, and industry dynamics are influencing oil prices, while renewable energy continues to advance despite headwinds
The US is seeing a significant shift in its energy landscape, particularly in clean tech and LNG sectors

🌍 Why it matters for the planet: The continued expansion of renewable energy and the reshoring of clean technology manufacturing in the US are critical for global sustainability efforts
However, challenges in these areas highlight the complexities in transitioning to a more sustainable energy future

⏭️ What's next: The energy sector will navigate these evolving dynamics, with oil price volatility, renewable energy installations, and the reshaping of the US energy industry being key areas to watch

💬 One quote: "The lack of confidence in China’s economy in 2024 remains the market's biggest concern..." (Rebecca Babin, Senior Energy Trader at CIBC Private Wealth US)

📈 One stat: More than 460GW of renewable energy installations are expected globally in 2024, setting a new record


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