The Globe and Mail reports in its Wednesday, Jan. 17, edition that Scotia Capital analysts expect the global oil market to "face near-term pressures from a supply and demand perspective" in the first quarter of 2024. The Globe's David Leeder writes in the Eye On Equities column that the analysts say in a note: "We think macro picture will begin to improve by 2Q and reach the high end in 3Q24 before moderating in 4Q24. Thus, macro headwinds construe near-term risk to the downside in 1H24 with S&D tailwinds increasing upside risks in the second half of the year. Longer-term, we continue to forecast relatively flat demand growth for OECD countries and expect China's growth rate to face a noteworthy slowdown." After reducing its oil price assumptions for 2024 and 2025, Scotia Capital lowered its share target for Suncor Energy to $46 from $47, while maintaining a "sector perform" recommendation. Analysts on average target the shares at $51.53. The Globe reported on March 22 that Scotia Capital analyst Jason Bouvier had downgraded his recommendation for Suncor Energy to "sector perform" from "sector outperform." The shares could then be had for $41.73.