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1. • • World oil demand will exceed output by around 750,000 barrels per day in the second half of 2024, based on EIA's outlook. Its earlier forecasts showed a smaller deficit of about 550,000 bpd in the second half this year. Withdrawals from global inventories will push oil prices higher, EIA said.
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     Global oil market will be in supply deficit next year, EIA ...

2. People also ask

   Is global oil demand slowing?

   • Growth in the world’s demand for oil is set to slow almost to a halt in the coming years, with the high prices and security of supply concerns highlighted by the global energy crisis hastening the shift towards cleaner energy technologies, according to a new IEA report released today.

   Growth in global oil demand is set to slow significantly by 2028

   www.iea.org/news/growth-in-global-oil-demand-is-set-to-slow-significantly-by-2028

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   When will global oil demand level off?

   • Based on today’s market conditions and policies, global oil demand will level off at around 106 mb/d towards the end of the decade amid the accelerating transition to clean energy technologies.

   Executive summary – Oil 2024 – Analysis - IEA

   www.iea.org/reports/oil-2024/executive-summary

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   Will world oil supply exceed forecast demand in 2025?

   • 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.

   Executive summary – Oil 2024 – Analysis - IEA

   www.iea.org/reports/oil-2024/executive-summary

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   Where does global oil demand come from?

   • 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.

   Executive summary – Oil 2024 – Analysis - IEA

   www.iea.org/reports/oil-2024/executive-summary

   See all results for this question

   Will oil demand increase in 2023?

   • After a steep decline due to COVID-19, oil demand increased to pre-pandemic levels in 2023 at 101.7 million barrels per day (MMb/d). However, growth may not last long, as peak demand is projected to materialize before 2030 across our four bottom-up energy transition scenarios.

   Global Energy Perspective 2023: Oil outlook | McKinsey

   www.mckinsey.com/industries/oil-and-gas/our-insights/global-energy-perspective-2023-oil-outlook

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   Why did oil prices rise in March 2024?

   • Our dashboard explores key short-term signposts impacting oil demand, supply, and prices. April 24, 2024 Brent crude oil prices rose in March, increasing by USD1.9/bbl m-o-m to USD85.4/bbl. Prices rose due to tighter oil supplies on account of OPEC+ cuts, resilient economic growth, and continued geopolitical uncertainty: Global oil demand.

   Snapshot of global oil supply and demand: March 2024 | McKinsey & C…

   www.mckinsey.com/industries/oil-and-gas/our-insights/oil-and-gas-blog/snapshot-of-global-oil-supply-and-demand

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3. www.mckinsey.com › industries › oil-and-gasSnapshot of global oil supply and demand: March 2024

   www.mckinsey.com › industries › oil-and-gas

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   Apr 24, 2024 · April 24, 2024 Brent crude oil prices rose in March, increasing by USD1.9/bbl m-o-m to USD85.4/bbl. Prices rose due to tighter oil supplies on account of OPEC+ cuts, resilient economic growth, and continued geopolitical uncertainty: Global oil demand. Global liquids demand decreased m-o-m by 1.1 MMb/d to 102.3 MMb/d.

   • Contact Us | Oil & Gas | McKinsey & Company

     Contact us to inquire about our work in Oil & Gas. Skip to...

   • Global oil supply-and-demand outlook to 2040 | McKinsey

     Global oil supply-and-demand outlook to 2040. COVID-19 sent...

4. www.iea.org › news › growth-in-global-oil-demand-isGrowth in global oil demand is set to slow significantly by 2028

   www.iea.org › news › growth-in-global-oil-demand-is

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   Jun 14, 2023 · Growth in the world’s demand for oil is set to slow almost to a halt in the coming years, with the high prices and security of supply concerns highlighted by the global energy crisis hastening the shift towards cleaner energy technologies, according to a new IEA report released today.

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6. www.reuters.com › markets › commoditiesOPEC cuts 2024, 2025 global oil demand growth view again

   www.reuters.com › markets › commodities

   2 days ago · On Monday, OPEC in a monthly report said world oil demand will rise by 1.93 million barrels per day (bpd) in 2024, down from growth of 2.03 million bpd it expected last month. Until August, OPEC ...

7. www.iea.org › reports › oil-2024Executive summary – Oil 2024 – Analysis - IEA

   www.iea.org › reports › oil-2024

   • Cached

   Global oil markets will need to traverse myriad challenges in the medium-term as structural shifts reshape oil demand and trade flows, while rising oil supplies could potentially weigh on prices through the end of the decade.

8. www.mckinsey.com › industries › oil-and-gasGlobal Energy Perspective 2023: Oil outlook | McKinsey

   www.mckinsey.com › industries › oil-and-gas

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   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 ...

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9. www.iea.org › data-and-statistics › chartsWorld oil supply and demand, 1971-2018 – Charts – Data ...

   www.iea.org › data-and-statistics › charts

   • Cached

   Jul 29, 2021 · Oil statistics 2019, World oil supply and demand, 1971-2018. ... A Global Pathway to Keep the 1.5 °C Goal in Reach. 2023 Update. Flagship report — September 2023

10. www.mckinsey.com › industries › oil-and-gasGlobal oil supply-and-demand outlook to 2040 | McKinsey

    www.mckinsey.com › industries › oil-and-gas

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    Feb 26, 2021 · Global oil supply-and-demand outlook to 2040. COVID-19 sent shocks through global oil markets, with oil demand and supply still struggling to return to pre-pandemic levels. Our outlook looks back at 2020 and presents our most-likely scenarios for oil demand, supply, and prices through 2040.