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Jul 18, 2024 · Forecast Brent crude oil prices to average $89 per barrel (b) in the second half of 2024 (2H24), up from $84/b in 1H24. Higher prices in the second half of the year result from their forecast of persistent withdrawals from global oil inventories.
- Cristian Cochintu
Sep 12, 2024 · Global refinery throughputs are forecast to increase by 440 kb/d to 83 mb/d in 2024, and by 630 kb/d to 83.7 mb/d next year. Much weaker than expected Chinese runs in July and a further deterioration in margins continue to weigh on the forecast.
Sep 5, 2024 · We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in 2025, close to the 2023 average of $82/b. Our forecast for relatively little price change is based on expectations that global supply and demand of petroleum liquids will be relatively balanced.
Total NGLs and condensates are projected to rise by 2.7 mb/d from 2023 to 2030. By comparison, crude oil production capacity is forecast to increase by 2.6 mb/d over the same period, while biofuels account for 620 kb/d of the 6 mb/d total.
Jul 19, 2023 · We forecast higher crude oil prices in the second half of 2023 and into 2024 in our latest Short-Term Energy Outlook (STEO) because of moderate but persistent inventory drawdowns. Inventory drawdowns take place when demand for a commodity is greater than the supply of that commodity.
Annual increases of 770 kb/d are forecast in 2024 with gains of 1.8 mb/d next year. Global refinery throughputs are forecast to rise by 950 kb/d to 83.4 mb/d in 2024, and by 630 kb/d to 84 mb/d next year. Weak demand and poor margins pressured Chinese and European crude processing in May.
Sep 5, 2024 · We forecast that global consumption of liquid fuels will increase by 0.9 million b/d in 2024 and 1.5 million b/d in 2025. Our 2024 forecast is down 0.2 million b/d from last month and our 2025 forecast is down 0.1 million b/d due to downward revisions to demand in China and OECD Europe.
