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Jun 12, 2024 · The report provides detailed analysis and forecasts of oil demand fundamentals across fuels, sectors and regions. It also outlines projected supply from planned upstream and downstream projects around the world.
- Oil Market Report - January 2024 – Analysis - IEA
Increases in global oil demand are set to halve from 2.3...
- Oil Market Report - January 2024 – Analysis - IEA
May 22, 2024 · In 2023, world oil demand exceeded 100 million bbl/d for the first time since the pandemic. Forecasts suggest global oil demand will grow even more in 2024.
- Global oil demand growth slowed to 1.7 mb/d y-o-y in 4Q23 – well below the 3.2 mb/d rate registered during 2Q23-3Q23, mirroring the unwinding of China’s post-pandemic release of travel demand.
- World oil supply is forecast to rise by 1.5 mb/d to a new high of 103.5 mb/d, fuelled by record-setting output from the US, Brazil, Guyana and Canada.
- Divergence in regional refinery profitability narrowed further in December as margins in the Atlantic Basin weakened but strengthened in Singapore. Refinery crude throughputs are forecast to average 83.3 mb/d in 2024, overtaking 2018’s record of 82.5 mb/d.
- Russian oil exports rose by 500 kb/d to a nine-month high of 7.8 mb/d in December. Crude shipments were up by 240 kb/d m-o-m to 5 mb/d while product flows rose by 260 kb/d.
- Global oil demand. Global liquids demand decreased m-o-m by 2.6 MMb/d to 100.4 MMb/d. The decline was driven by Europe and China, where demand decreased m-o-m by 0.8 MMb/d and 0.6 MMb/d, respectively.
- OPEC 10 production (excl. Iran, Venezuela, Libya). OPEC 10’s production decreased slightly, by 0.1 MMb/d m-o-m to 26.9 MMb/d. OPEC’s production has declined by 1.97 MMb/d since January 2023 as it continues to curtail supply, with added uncertainty due to geopolitical tension in Iran.
- Non-OPEC production (excl. US shale). Non-OPEC production decreased by 0.9 MMb/d m-o-m to 60.1 MMb/d. The decline was primarily driven by US non-shale onshore production, which witnessed a m-o-m decline of 0.5 MMb/d due to extreme cold weather disruptions.
- US shale oil production. US shale oil production declined sharply by 0.5 MMb/d m-o-m in January to 9.3 MMb/d as a result of shut-downs due to cold weather across central US.
Jun 12, 2024 · New IEA medium-term outlook sees comfortably supplied oil markets to 2030, though unwavering focus on energy security will remain crucial as powerful forces transform sector. Growth in the world’s demand for oil is expected to slow in the coming years as energy transitions advance.
Global oil production We expect OPEC+ will largely adhere to production targets announced on June 2. The announcement extends the additional voluntary production cuts by countries such as Saudi Arabia and Russia, which were set to expire at the end of June 2024, through September 2024.
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Sep 14, 2022 · The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday said global oil demand in 2022 and 2023 will come in stronger than expected, citing signs that major economies are...
