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Expected to surpass forecast demand
- Rising world oil supplies, led by non‑OPEC+ producers, are expected to surpass forecast demand from 2025 onwards.
www.iea.org/reports/oil-2024/executive-summary
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Sep 12, 2024 · The rapid decline in global oil demand growth in recent months, led by China, has fuelled a sharp sell-off in oil markets. Brent crude oil futures have plunged from a high of more than $82/bbl in early August to a near three-year low at just below $70/bbl on 11 September, despite hefty supply losses in Libya and continued crude oil inventory draws.
The n-OPEC liquids supply growth in 2025 is expected on to stand at 1.3mb/d, mainly driven by the US, Brazil, Canada, Norway, Kazakhstan and Guyana. OPEC natural gas liquids (NGLs) and nonconventional liquids are forecast to - 64 grow by tb/d to around average 5.5 mb/d, followed by growth of 110 tb/d in 2025 to average 5.6 mb/d. OPEC-12 crude ...
Jul 11, 2024 · However in 2025, it expects demand to drop from a prior 1 million barrels per day to 980,000 b/d. World oil demand growth slowed to only 710 kb/d in 2Q24, its lowest quarterly increase in...
Jan 18, 2024 · (Bloomberg) – OPEC forecast that global oil demand will continue to increase strongly next year and exceed growth in supplies, according to the group’s first detailed assessment of 2025....
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.
Rising world oil supplies, led by non‑OPEC+ producers, are expected to surpass forecast demand from 2025 onwards. Mirroring demand’s break with long-term trends, a front-loaded build in oil production capacity is forecast to lose momentum and swing into contraction towards the end of our medium-term outlook.
Apr 12, 2024 · In 2025, global oil supply is forecast to increase by 1.6 mb/d to a new record of 104.5 mb/d, as non-OPEC+ lead gains for a third straight year, rising by 1.4 mb/d. For context, the additional volumes from the United States, Brazil, Guyana and Canada alone could come close to meeting world oil demand growth for this year and next.
