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1. global.unc.edu › news-story › how-the-covid-19How the COVID-19 Pandemic Plunged Global Oil Prices

   global.unc.edu › news-story › how-the-covid-19

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   Sep 17, 2024 · Why did oil prices suddenly decrease as the COVID-19 pandemic spread? A. There is an unprecedented amount of what we call demand destruction, which is when demand for oil products suddenly disappears.

2. www.statista.com › topics › 839Global oil and gasoline prices - statistics & facts | Statista

   www.statista.com › topics › 839

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   Sep 11, 2024 · Brent oil price forecast 2022-2025. Find the latest statistics and facts on oil and gasoline prices.

3. www.iea.org › reports › oil-market-report-september-2024Oil Market Report - September 2024 – Analysis - IEA

   www.iea.org › reports › oil-market-report-september-2024

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   Sep 12, 2024 · Global observed oil stocks declined by 47.1 mb in July. The drawdown was concentrated in crude oil, NGLs and feedstocks (-75.5 mb), while oil products built to their highest level since January 2021. OECD industry stocks fell counter-seasonally by 12.3 mb in July to stand 78.5 mb below the five-year average.

4. www.eia.gov › outlooks › steoShort-Term Energy Outlook - U.S. Energy Information ...

   www.eia.gov › outlooks › steo

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   Sep 5, 2024 · We estimate that global oil inventories will increase by an average of 0.5 million b/d in the second half of 2025 (2H25). We forecast the Brent price will average $84/b in 2025. Recent production outages in Libya add a new source of uncertainty for crude oil prices in the coming months.

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5. natural-resources.canada.ca › oil-pricing › 18087Oil Pricing - Canada

   natural-resources.canada.ca › oil-pricing › 18087

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   Sep 13, 2024 · How Crude Oil Prices are Determined. The price of oil is set in the global marketplace. Oil is traded globally and can move from one market to another easily by ship, pipeline, or barge. As a result, the supply/demand balance determines the price for crude oil around the world.

6. www.eia.gov › outlooks › steoShort-Term Energy Outlook - U.S. Energy Information ...

   www.eia.gov › outlooks › steo

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   Sep 5, 2024 · We expect the Brent crude oil spot price to average $82/b in 4Q24 and average $84/b in 2025. Natural gas prices. We forecast natural gas prices will remain relatively flat in the upcoming shoulder season during September and October before generally rising in 2025.

7. People also ask

   Will oil prices increase in 2025?

   • We estimate that global oil inventories will increase by an average of 0.5 million b/d in the second half of 2025 (2H25). We forecast the Brent price will average $84/b in 2025. Recent production outages in Libya add a new source of uncertainty for crude oil prices in the coming months.

   Short-Term Energy Outlook - U.S. Energy Information Administration (EI…

   www.eia.gov/outlooks/steo/report/global_oil.php

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   Will oil prices rise in 2021?

   • It will take years for oil demand to recover to January 2020 levels. Prices, however, may firm up sooner because much production is now shut, and it takes time to bring that production back. We could see oil prices above $30 per barrel by the year’s end and approaching $50 per barrel by the end of 2021.

   How the COVID-19 Pandemic Plunged Global Oil Prices

   global.unc.edu/news-story/how-the-covid-19-pandemic-plunged-global-oil-prices/

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   What determines the price of oil around the world?

   • The price of oil is set in the global marketplace. Oil is traded globally and can move from one market to another easily by ship, pipeline, or barge. As a result, the supply/demand balance determines the price for crude oil around the world.

   Oil Pricing - natural-resources.canada.ca

   natural-resources.canada.ca/our-natural-resources/energy-sources-distribution/fossil-fuels/crude-oil/oil-pricing/18087

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   Will global oil demand decline in the first half of 2024?

   • Reported monthly data covering 80% of global oil demand during the first half of 2024 confirm the steep decline in the rate of growth in oil consumption, which we have been projecting since our first forecast for 2024 was published in June 2023.

   Oil Market Report - September 2024 – Analysis - IEA

   www.iea.org/reports/oil-market-report-september-2024

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8. www.aogr.com › magazine › cover-storyStrengthening Fundamentals Frame Bullish Oil, Gas Outlook

   www.aogr.com › magazine › cover-story

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   5 days ago · Exactly how activity will respond to the higher price signals as 2021 unfolds depends on the pace of recovery in the general global economy, but let’s assume a linear oil price increase starting the year at around $50 and exiting 2021 at $80/bbl.