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- The energy agency warned that “evidence of a slowdown in oil demand is mounting,” with the pace of expansion poised to “slow drastically” from 2.8 million barrels per day year on year in the third quarter to 1.9 million barrels per day in the final three months of 2023.
www.cnbc.com/2023/12/14/iea-says-oil-demand-slowdown-to-persist-in-2024-amid-oversupply-fears.htmlIEA says oil demand slowdown to persist in 2024 amid ... - CNBC
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- World oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
- US oil supply growth continues to defy expectations, with output shattering the 20 mb/d mark. This, combined with record Brazilian and Guyanese production along with surging Iranian flows will lift world output by 1.8 mb/d to 101.9 mb/d in 2023.
- Russian crude export prices declined sharply in November, with Urals falling below the $60/bbl price cap on 6 December. The lower prices and a 200 kb/d drop in oil shipments pushed November export revenues for crude and products down 17% m-o-m to $15.2 billion, a level not seen since July 2023.
- Refinery margins in Europe and Singapore rebounded marginally in November, but the US Gulf Coast underperformed again, slipping for the third month running.
Dec 15, 2023 · Evidence of a slowdown in oil demand is mounting, with the pace of expansion set to ease from 2.8 million barrels per day year on year in the third quarter of 2023 to 1.9 million barrels...
Dec 14, 2023 · Global oil demand growth is materially slowing down this quarter compared to the third quarter, the International Energy Agency (IEA) said on Thursday, but at the same time, it lifted its 2024...
Oct 16, 2024 · Canada will lead oil supply growth through the end of the decade, though global demand is expected to flatten by 2030, IEA says. Read more.
- Meghan Potkins
- 8 min
2 days ago · Global oil demand seen up 1 mln-1.5 mln bpd in 2025. For table of crude price forecasts, click. Oct 31 (Reuters) - Concerns around demand from top consumer China, prospects of higher supply from ...
Jun 14, 2023 · Growth in the world’s demand for oil is set to slow almost to a halt in the coming years, with the high prices and security of supply concerns highlighted by the global energy crisis hastening the shift towards cleaner energy technologies, according to a new IEA report released today.
