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- World oil demand will exceed output by around 750,000 barrels per day in the second half of 2024, based on EIA's outlook. Its earlier forecasts showed a smaller deficit of about 550,000 bpd in the second half this year. Withdrawals from global inventories will push oil prices higher, EIA said.
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- 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.
The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. PublishedOctober 2024.
Dec 14, 2023 · LONDON, Dec 14 (Reuters) - World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains...
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.
Global oil markets will need to traverse myriad challenges in the medium-term as structural shifts reshape oil demand and trade flows, while rising oil supplies could potentially weigh on prices through the end of the decade.
21 hours ago · Oil was down more than 4% a barrel towards $74 on Tuesday, pressured by the weaker demand outlook and after a media report said Israel is willing not to strike Iranian oil targets. CHINA UNDERSHOOTS
Mar 14, 2024 · Global supply for 2024 is forecast to increase 800 kb/d to 102.9 mb/d, including a downward adjustment to OPEC+ output. Refinery crude runs are forecast to rise from a February-low of 81.4 mb/d to a summer peak of 85.6 mb/d in August.
