Global oil demand is set to grow at a slower pace in 2024 than the 2 million barrel per day increase seen this year, but prices will likely to stay in the same $80-$90 per barrel range as Opec-Plus continues to carefully manage the market, Vitol CEO Russell Hardy told the Energy Intelligence Forum on Tuesday. Oil demand growth has been the key driver for oil prices so far this year, according to Hardy, who heads one of the world's largest independent oil traders. But Opec-plus members "have been quite careful about the supply side, " he added, to accommodate rising output from the US and Guyana, as well as Opec members Libya, Venezuela and Iran, whose production is exempt from quotas.
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