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- We forecast that U.S. crude oil production will average 11.9 million b/d in 2022 and rise to a record 12.7 million b/d in 2023. Future OPEC production decisions will also affect global supply. We expect OPEC to set higher production targets in 2022 and 2023, but some OPEC member countries may not be able to meet higher production targets.
www.eia.gov/todayinenergy/detail.php?id=53479EIA expects production of global liquid fuels to outpace ...
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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 ...
- Snapshot of global oil supply and demand: March 2024
Although crude oil price volatility has remained relatively...
- Snapshot of global oil supply and demand: March 2024
Sep 14, 2023 · Oil price highest in 10 months; Tighter market balance for rest of 2023 remains in focus; US crude and fuel inventories climb; ECB raises interest rates, but signals end of hikes
The petrochemical sector will remain the key driver of global oil demand growth, with liquified petroleum gas (LPG), ethane and naphtha accounting for more than 50% of the rise between 2022 and 2028 and nearly 90% of the increase compared with pre-pandemic levels.
- Global oil demand. Global liquids demand decreased m-o-m by 2.6 MMb/d to 100.4 MMb/d. The decline was driven by Europe and China, where demand decreased m-o-m by 0.8 MMb/d and 0.6 MMb/d, respectively.
- OPEC 10 production (excl. Iran, Venezuela, Libya). OPEC 10’s production decreased slightly, by 0.1 MMb/d m-o-m to 26.9 MMb/d. OPEC’s production has declined by 1.97 MMb/d since January 2023 as it continues to curtail supply, with added uncertainty due to geopolitical tension in Iran.
- Non-OPEC production (excl. US shale). Non-OPEC production decreased by 0.9 MMb/d m-o-m to 60.1 MMb/d. The decline was primarily driven by US non-shale onshore production, which witnessed a m-o-m decline of 0.5 MMb/d due to extreme cold weather disruptions.
- US shale oil production. US shale oil production declined sharply by 0.5 MMb/d m-o-m in January to 9.3 MMb/d as a result of shut-downs due to cold weather across central US.
Oct 9, 2023 · World Oil Outlook 2023 sees global oil demand at 116 mb/d in 2045. The 2023 OPEC World Oil Outlook (WOO) was launched today at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in the Kingdom of Saudi Arabia.
Jul 31, 2023 · Oil prices rallied to a fresh three-month high on Monday and recorded their steepest monthly gains since January 2022, supported by signs of tightening global supply and rising demand through...
Jun 15, 2022 · Following gains of 1.8 mb/d this year, world oil demand is forecast to expand by 2.2 mb/d to 101.6 mb/d in 2023. Global oil supply may struggle to keep pace with demand next year, as tighter sanctions force Russia to shut in more wells and a number of producers bump up against capacity constraints.
