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- Oil demand projected to increase by 4.0 mb/d between 2019 and 2025 almost 10 mb/d between 2019 and 2045
www.opec.org/opec_web/static_files_project/media/downloads/press_room/Launch of the WOO2020 - presentation.pdf
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How will global oil demand change in 2025?
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Mar 9, 2020 · Between 2019 and 2025, global oil demand is forecast to grow at an average annual rate of just below 1 mb/d. Petrochemicals become an ever more important driver, with naphtha, liquefied petroleum gas (LPG) and ethane responsible for half of all growth.
- Year-on-year changes in global oil demand by quarter, 2023-2025
Year-on-year changes in global oil demand by quarter,...
- Year-on-year changes in global oil demand by quarter, 2023-2025
- Recap 2020
- Short-Term Up to 2025
- Long-Term Up to 2040
Demand has partially recoveredsince April 2020 but still ended the year approximately 9 million barrels per day (MMb/d) below the 2019 level, with continued COVID-19-related lockdown measures in January 2021 keeping it around 6 MMb/d lower than January 2019. Supply remained robust until April 2020 and then dropped by 13 to 14 MMb/d in May, driven b...
Oil demand is expected to return to 2019 levels by late 2021 to early 2022, depending on the duration of lockdowns and the pace of GDP recovery. Based on our Global Energy Perspectivereference-case demand insights, current OPEC+ intervention will be sufficient to help balance the market in 2021, with prices remaining at a sustained level of $50 to ...
Long-term equilibrium oil prices have decreased by $10 to $15/bbl compared with pre-COVID-19 outlooks, as driven by a flattening cost curve and lower demand. Under an OPEC-control scenario, in which OPEC maintains its market share, we see a $50 to $60/bbl equilibrium price range in the long term, fueling 10 to 11 MMb/d US shale oil and 11 to 13 MMb...
Emerging economies in Asia, particularly China and India, account for all of global demand growth. By contrast, oil demand in advanced economies falls sharply. Rising world oil supplies, led by non‑OPEC+ producers, are expected to surpass forecast demand from 2025 onwards.
Year-on-year changes in global oil demand by quarter, 2023-2025. Last updated 11 Sep 2024. Download chart. Cite Share. IEA (2024), , IEA, Paris https://www.iea.org/data-and-statistics/charts/year-on-year-changes-in-global-oil-demand-by-quarter-2023-2025, Licence: CC BY 4.0. The data from this chart is not available for download.
Oct 3, 2024 · We expect that global production of petroleum and other liquid fuels will increase by 2.0 million b/d in 2025, up from growth of just 0.5 million b/d this year. We assume countries outside of OPEC+ increase production by 1.4 million b/d next year, while OPEC+ production increases by 0.7 million b/d, after the voluntary cuts reduced OPEC+ ...
• Oil demand projected to increase by –4.0 mb/d between 2019 and 2025 –almost 10 mb/d between 2019 and 2045 • Demand growth in non-OECD (+22.5 mb/d) countries will more than offset declines in OECD (-13.1 mb/d) • Healthy demand growth in the first part of the forecast period will be followed by plateauing oil demand in the second part
Oil demand sees robust medium-term growth and reaches over 120 mb/d by 2050, driven by the non-OECD. Global oil demand is projected to reach 112.3 million barrels a day (mb/d) in 2029, representing a strong increase of 10.1 mb/d compared to 2023.
