EOG president predicts good 2024 pricing for oil as demand stays high

By Devika Patel

Knoxville, Tenn., Jan. 4 – EOG Resources, Inc. management expects demand in the oil industry to remain strong in 2024, which should mean that pricing will remain high due to limited supply.

“We’re seeing demand to be fairly strong,” president Billy Helms said at the Goldman Sachs Energy, CleanTech and Utilities Conference on Thursday.

“Depending on whose forecast you look at, I think IEA has come out and said that they believe there’s going to be a demand increase of 1.1 million barrels per day next year.

“OPEC is a little bit more aggressive.

“They’re thinking 2.2 million barrels per day demand growth next year.

“Take whichever one you want.

“I guess, for us, it means demand is going to continue to grow and be strong next year,” he said.

Supply is not expected to improve significantly, which will lead to good pricing

“I think we're looking at fairly constructive price levels going forward,” Helms said.

EOG is a Houston-based crude oil and natural gas company.

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