SINGAPORENEW YORKLONDON, Dec 14 Reuters Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility.

Benchmark Brent has averaged around 80 a barrel this year, after a volatile 2022 in which prices surged above 100 after Russian supplies were disrupted following the start of the Ukraine war.

Prices have been capped by a strong dollar and robust nonOPEC output despite demand hitting an alltime high of more than 100 million barrels per day bpd.

A Reuters survey of 30 forecasts from economists and analysts sees Brent crude averaging 84.43 a barrel in 2024.

Those expectations come despite demand growth forecasts which range from 1.1 million bpd by the International Energy Agency to 2.25 million bpd expected by the Organization of the Petroleum Exporting Countries OPEC.

Supply in 2024 is expected to grow by between 1.2 million and 1.9 million bpd, driven by nonOPEC producers, say consultancies Rystad Energy, J.P. Morgan, Kpler and Wood Mackenzie.

We39;re looking for an oversupplied market every quarter of next year, said Vikas Dwivedi, a global energy strategist at Macquarie.

Here39;s a look at the key factors to watch in 2024.

OPEC COMPLIANCE

Investors are eyeing firstquarter supply data to see whether OPEC and its allies, known as OPEC, followed through on their planned 2.2 million bpd in voluntary output cuts.

If the group complies, it could lead to a small…