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World oil demand growth expectations for the 2024 and 2025 are largely unchanged at 970 kb/d and 980 kb/d, respectively. At the same time, global oil supply trended higher, with 2Q24 production up 910 kb/d from 1Q24, led by the United States. Output is forecast to rise by another 770 kb/d in 3Q24 with non-OPEC+ providing 600 kb/d of the gains.
By contrast, demand in advanced economies will continue its decades-long decline, falling from 45.7 mb/d in 2023 to 42.7 mb/d by 2030. Apart from during the pandemic, the last time demand was this low was in 1991. Over that same time period, oil demand from emerging and developing economies will have increased by a factor of 2.5.
Mar 14, 2024 · Global oil demand is forecast to rise by a higher-than-expected 1.7 mb/d in 1Q24 on an improved outlook for the United States and increased bunkering. While 2024 growth has been revised up by 110 kb/d from last month’s Report, the pace of expansion is on track to slow from 2.3 mb/d in 2023 to 1.3 mb/d, as demand growth returns to its historical trend while efficiency gains and EVs reduce use.
Jun 12, 2024 · The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Published June 2024.
Jun 12, 2024 · Despite the slowdown in growth, global oil demand is still forecast to be 3.2 MMbpd higher in 2030 than in 2023, unless stronger policy measures are implemented, or changes in behavior take hold.
Jun 11, 2024 · World crude oil and liquid fuels consumption is expected to rise by 1.1 million bpd to 103 million bpd this year, the EIA said. That compares with a previous forecast of around 102.8 million bpd ...
Jul 10, 2024 · OPEC sees world oil demand rising by 2.25 million bpd in 2024 Expects an increase of 1.85 million bpd in 2025 Both forecasts unchanged from last month Oil forecasters split more widely than usual ...
