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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 ...
Aug 13, 2024 · World oil demand will rise by 950,000 barrels per day (bpd) in 2025, the IEA said, down 30,000 bpd from the previous forecast. It left this year's growth forecast unchanged at 970,000 bpd. Outside ...
- 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...
In the short term, oil demand remains weak and we have reduced our estimate for the fourth quarter of 2020 by 0.2 million barrels per day on small data revisions in various countries. For the year as a whole, global demand will be 91.2 mb/d, which is 8.8 mb/d below the 2019 level and down 0.1 mb/d from our last Report.
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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the next two decades, its oil use is expected to grow by 3–4 mb/d, reaching 17-18 mb/d in 2040. While China’s oil use has a strong growth potential—given that China’s per capita oil use is currently around one-third of OECD levels—future growth rates will be tempered by efforts to tackle air pollution.
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Apr 12, 2024 · Oil use increased by an estimated 1.6 mb/d year-on-year in the first quarter of 2024, down from 1.9 mb/d in the fourth quarter of 2023 and more than 3 mb/d during the middle of last year. Given that China was the last major economy to lift public health restrictions related to the pandemic and saw an abrupt economic recovery in mid-2023, this easing of year-on-year demand growth is likely to ...
