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Mar 14, 2024 · Global oil demand is forecast to rise by a higher-than-expected 1.7 mb/d in 1Q24 on an improved outlook for the United States and increased bunkering. While 2024 growth has been revised up by 110 kb/d from last month’s Report, the pace of expansion is on track to slow from 2.3 mb/d in 2023 to 1.3 mb/d, as demand growth returns to its historical trend while efficiency gains and EVs reduce use.
By contrast, demand in advanced economies will continue its decades-long decline, falling from 45.7 mb/d in 2023 to 42.7 mb/d by 2030. Apart from during the pandemic, the last time demand was this low was in 1991. Over that same time period, oil demand from emerging and developing economies will have increased by a factor of 2.5.
Apr 12, 2024 · Although momentum slows in the United States, it still ranks as the world’s largest source of supply growth in 2024 and 2025, adding 650 kb/d and 540 kb/d, respectively. Robust production from non-OPEC+ coupled with a projected slowdown in demand growth will lower the call on OPEC+ crude by roughly 300 kb/d in 2025, to an average 41.5 mb/d.
Jun 12, 2024 · In parallel, a surge in global oil production capacity, led by the United States and other producers in the Americas, is expected to outstrip demand growth between now and 2030.
Jun 11, 2024 · World crude oil and liquid fuels consumption is expected to rise by 1.1 million bpd to 103 million bpd this year, the EIA said. That compares with a previous forecast of around 102.8 million bpd ...
Jun 11, 2024 · We forecast that global oil inventories will begin increasing at an average of 0.4 million b/d in 2Q25 and will increase by 0.6 million b/d in the second half of 2025. As a result, we expect oil prices will increase to an average of $87/b in 4Q24 and $88/b in 1Q25. As global oil inventories rise during most of 2025, we forecast the Brent crude ...
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Jun 12, 2024 · Oil 2024 looks beyond the short-term horizon covered in the IEA’s monthly Oil Market Report to provide a comprehensive overview of evolving oil supply and demand dynamics through to 2030. The report provides detailed analysis and forecasts of oil demand fundamentals across fuels, sectors and regions. It also outlines projected supply from ...
