(Oil & Gas 360) – While oil demand continues to grow globally, its trajectory has been leveling somewhat, according to the International Energy Administration (IEA) in its World Oil Market Report released in September. It says the 800,000 barrels a day (bbl/d) increase for the first half of 2024 is the slowest growth rate since the Covid year of 2020;
Oil Price Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In the early days of the shale boom, when it wasn’t clear whether this development would have a significant impact, it was largely ignored by OPEC. By late 2014, as U.S. oil production growth was approaching 5 million BPD, OPEC decided
Oil Price A resilient global economy early this year has additional upside potential in the second half with the possible easing of monetary policies, OPEC said on Tuesday, keeping its 2024 and 2025 outlook of robust oil demand unchanged from last month. In its closely-watched Monthly Oil Market Report (MOMR) out today, OPEC maintained its forecast from the April report, which sees
Yahoo Finance LONDON – OPEC will stop publishing a calculation of the world’s demand for its own crude in its monthly oil report, two sources close to the matter said, focusing instead on forecasts for demand for oil from the wider OPEC+ group. The change reflects what has become long-standing cooperation between the members of the Organization of the Petroleum
Nasdaq LONDON – Global oil demand will grow by 1.9 million barrels per day (bpd) this year, according to a prediction by energy research company Wood Mackenzie, a forecast close to the Organisation of the Petroleum Exporting Countries’ (OPEC) estimate for 2024. In remarks shared with delegates at a Wood Mac briefing on Wednesday during the Energy Institute conference in
Oil Price Global oil demand rose by more than 500,000 barrels per day (bpd) in December from November, for the eighth monthly record in 2023, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday. Rising demand in Asia more than offset declines in the United States and Europe in the last month of 2023, said JODI, which collects
Oil Price Oil demand will continue to set records this year, with global demand growth expected at nearly 2 million barrels per day (bpd) compared to 2023, Wood Mackenzie said in a report on Thursday. China will account for around 25% of the worldwide growth in oil demand, according to the energy consultancy. Total global oil demand will average 103.5 million bpd
World Oil (Bloomberg) – OPEC+ still has a positive outlook for growth in oil demand, despite the headwinds faced by the global economy, as it prepares for its next ministerial meeting. “The economy, despite the challenges, is still doing quite well,” OPEC Secretary-General Haitham Al-Ghais said at the Argus European Crude Conference in London on Tuesday. “We are positive on demand,
Oil Price Rising demand in China and the United States sent global oil demand surging by 3 million barrels per day (bpd) in March compared to February and hitting the highest level on record, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. Total product demand in China jumped by 1.6 million bpd month-on-month to 16.79 million bpd in
Oil Price China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day (bpd) this year, up by 1.9 million bpd from 2022, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate for 2023 by 200,000 bpd from 1.7 million bpd growth expected in December. Almost half of
Oil Price Global oil demand could soar as much as 4% in the coming year if the world manages to fully emerge from Covid restrictions, hedge fund trader Pierre Andurand has told Bloomberg. Andurand says in a tweet that oil demand may increase by 3 million to 4 million barrels a day in 2023 helped by a switch to oil
Nasdaq LONDON – OPEC+ is now producing below its targets by a record 3.58 million barrels per day – about 3.5% of global demand – highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower. Data from the Organization of the Petroleum Exporting Countries and allies led by Russia showed the group, known as
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