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- Numerous uncertainties affect oil and petroleum price forecasts for 2021. Current forecasts indicate moderate and stable oil prices with commercial inventories, additional supply, and high OPEC spare production capacity expected to limit price increases.
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- 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...
Mar 17, 2021 · Oil 2021 tackles these questions by analysing oil market data, trends in investment and government policies. The report provides a comprehensive outlook for global supply and demand through 2026 and explores some of the challenges and uncertainties that lie ahead.
- Outlook for global crude prices. Draws roll on in 4Q21 - 2022 balances reflect a more delicate dance. Short term tightening to endure, but 2022 looks less clear cut.
- World oil (total liquids) demand and production.
- Revisions to global supply and demand vs. April 2021 outlooks. US crude oil at the heart of global deficits. Perfect storm strikes US crude storage tanks The acceleration in global crude market tightening over the past couple of months has played out most visibly in weekly US statistics, particularly for crude.
- US export barrel and Brent forward curve (inverse values) Escape velocity: Understanding the UAE perspective that led to the OPEC+ disagreement and what it means.
The oil market today is grappling with huge near-term and long-term uncertainties. Fears of recession loom large over the immediate prospects for demand, although China could boost oil use as it emerges from renewed lockdowns.
Jan 24, 2024 · The Global Energy Perspective 2023 models the outlook for demand and supply of energy commodities across a 1.5°C pathway, aligned with the Paris Agreement, and four bottom-up energy transition scenarios. These energy transition scenarios examine outcomes ranging from warming of 1.6°C to 2.9°C by 2100 (scenario descriptions outlined below in ...
Those who believe consumption has peaked still anticipate that gasoline consumption will rise in mid-2021, despite higher prices as a result of the inevitable lag between any demand-induced increase in crude oil production and the increase in refined products to meet demand.
