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Feb 26, 2021 · Long-term up to 2040. 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 ...
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.
4 days ago · In addition, global oil inventories are much lower today, currently standing at 4.4 billion barrels — the lowest on record since January 2017. Overall, J.P. Morgan Commodities Research forecasts Brent could average $80/bbl in the fourth quarter of 2024 and $75/bbl in 2025, declining to the low $60s by end-2025.
Feb 9, 2020 · 2020 supply stack Production Oil sands from sanctioned projects 0.3 OPEC Gulf Shale oil (including production from spare capacity 92.3 –37.1 2.4 41.7 7.8 4.1 100.8 37.6 MMb/d NGL and other liquids2 Other3 OPEC Gulf Shale oil4 Oil sands Deepwater Shallow water Crude and condensate = 76.5 79.3 Global oil-supply growth 2020–40, MMb/d ...
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Oct 26, 2020 · According to the International Energy Agency (IEA), global oil supply rose to 91.7 million barrels per day in Q3 2020, following a nine-year low of 86.9 million barrels per day (bpd) at the end of Q2 2020. After OPEC and its allies reduced production cuts from 9.7 to 7.7 million bpd in August, recovery in countries outside of OPEC has stalled.
Mar 9, 2020 · Following a contraction in 2020 and an expected sharp rebound in 2021, global oil demand growth is set to weaken as consumption of transport fuels increases more slowly. Between 2019 and 2025, global oil demand is forecast to grow at an average annual rate of just below 1 mb/d.
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Jun 14, 2023 · The Oil 2023 medium-term market report forecasts that based on current government policies and market trends, global oil demand will rise by 6% between 2022 and 2028 to reach 105.7 million barrels per day (mb/d) – supported by robust demand from the petrochemical and aviation sectors. Despite this cumulative increase, annual demand growth is expected to shrivel from 2.4 mb/d this year to ...
