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Oct 14, 2020 · This surely raises doubts about the robustness of the anticipated economic recovery and thus the prospects for oil demand growth. Reflecting new data we have revised down our demand estimates for the third quarter of 2020 (-0.2 mb/d), with weakness seen particularly in North America (including Mexico) and India.
- 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...
Oct 26, 2020 · Therefore, the recent increase in COVID-19 cases in some countries, as well as the slowed growth of global oil demand in August and September, have contributed to downward pressure on crude oil prices. While oil appeared stationary during the third quarter, natural gas increased by 44.3% from $1.75 to $2.53 by the end of September. With a ...
Mar 9, 2020 · About this report. Oil 2020 examines the key issues in demand, supply, refining and trade to 2025. This year, the report considers topics such as the impact of the new coronavirus (COVID-19) on demand; slowing supply growth in the United States and other non-OPEC countries; and the level of spare production capacity in OPEC countries to help ...
Feb 9, 2020 · After more than 30 years of stable growth of more than 1 percent per year, oil-demand growth slows in the late 2020s and peaks in 2029. Various energy-transition drivers could cause peak to occur six to ten years earlier By 2040, exploration and production companies need to add 38 MMb/d of new crude production from unsanctioned projects to
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Sep 28, 2021 · Global oil demand is forecast to rise by 17.6 million b/d between a long-term period of 2020 and 2045, growing to 108.2 million b/d in 2045 from 90.6 million b/d in 2020.
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Oct 8, 2020 · The organization, which is celebrating its 60th birthday this year, has found itself in the crosshairs of environmental activists in recent years, with Barkindo and ministers sometimes lashing out at efforts to ban oil and gas development, which they say ignores the reality of energy demand driven by population growth and global economic expansion.
