China dominates global trade of battery minerals
China has a major role at each stage of the global battery supply chain and dominates interregional trade of minerals. China imported almost 12 million short tons of raw and processed battery minerals, accounting for 44% of interregional trade, and exported almost 11 million short tons of battery materials, packs, and components, or 58% of interregional trade in 2023, according to regional UN Comtrade data.
A look back at our forecast for global crude oil prices in 2024
Benchmark Brent crude oil prices averaged $81 per barrel (b) in 2024, in line with the $82/b for the year that we had forecast in our January 2024 Short-Term Energy Outlook (STEO) and more in-depth analysis. In the January 2024 STEO, we forecast that markets would be relatively balanced in 2024, changing little from the 2023 average Brent price of $82/b. On an annual basis, our forecast for balanced markets was relatively accurate, as global inventories showed only a slight drawdown of 0.18 million barrels per day in 2024.
India to surpass China as the top source of global oil consumption growth in 2024 and 2025
India has emerged as the leading source of growth in global oil consumption in 2024 and 2025, overtaking China this year, according to our December Short-Term Energy Outlook (STEO). China’s oil consumption grew by more than India’s in almost every year from 1998 through 2023, with China’s oil consumption regularly growing more than any other country during those years.