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2 days ago · World oil demand is on track to expand by just shy of 900 kb/d in 2024 and close to 1 mb/d in 2025, marking a sharp slowdown on the roughly 2 mb/d seen over the 2022-2023 post-pandemic period. China underpins the deceleration in growth, accounting for around 20% of global gains both this year and next year, compared to almost 70% in 2023.
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.
Mar 14, 2024 · As in 2023, non-OPEC+ oil supply growth will eclipse the oil demand expansion by some margin. Led by the United States, non-OPEC+ production is forecast to rise by 1.6 mb/d in 2024 compared to 2.4 mb/d last year when global oil output climbed by 2 mb/d to 102 mb/d.
The Outlook sees the need for an expansion in all energy sources, with the exception of coal. For oil alone, we see demand reaching over 120 million barrels a day by 2050, with the potential for it to be higher. There is no peak oil demand on the horizon.
Oct 3, 2024 · We forecast oil inventories will increase by an average of almost 0.6 million b/d in 2H25 as production growth globally begins to outweigh global oil demand growth. In addition to the escalating Middle East conflict, other sources of uncertainty remain.
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.
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The outlook is underscored by a robust increase in the world’s population, with projections indicating a rise to 9.7 billion by 2050 from a level of just over eight billion today. This growth is predominantly driven by a substantial demographic surge in non-OECD regions.
