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Global Oil Demand

All articles tagged with #global oil demand

business1 year ago

"SLB Projects 'Significant Growth' in Saudi Arabia, Affirms 2024 Financial Guidance"

SLB reaffirms its full-year financial outlook for 2024 and anticipates "significant growth" in Saudi Arabia despite concerns over reduced capital investment following Saudi Aramco's halted oil production capacity expansion. The company reassures that ongoing oil and gas projects with Saudi Aramco remain intact, except for two offshore oil increment projects. SLB remains optimistic about its revenue mix in Saudi Arabia and its market position in the Middle East supporting continued growth in the region.

via Seeking Alpha|
#business#financial-outlook#global-oil-demand
energy-markets1 year ago

"Saudi Arabia's U-Turn on Oil Production Sends Shockwaves Through Markets"

Saudi Arabia has surprised oil markets by abandoning plans to increase its crude production capacity by 1 million barrels a day, casting doubt on the future of global oil demand growth. This decision, which contradicts previous expansion plans, is expected to have significant implications for the energy market and OPEC's oil policy. The move may also help support oil prices and has raised questions about the future of global oil demand, particularly in light of the potential peak in crude demand before the end of the decade.

via The Guardian|
#energy-market#energy-markets#global-oil-demand
energy2 years ago

"US Oil Production Surpasses OPEC, Crushing Market Share"

The International Energy Agency (IEA) reported that OPEC's market share of the oil market has dropped to its lowest level since 2016, standing at 51%. This decline is attributed to record-breaking oil production from the United States, Brazil, and Guyana. The IEA also noted a sharp slowdown in global oil demand amid economic turmoil. OPEC+ members have responded by announcing extensive production cuts to prevent an inventory build-up, while the US is expected to increase its oil supply by 1.4 million barrels per day. The IEA predicts a slowdown in crude demand and lowered its forecast for global oil demand growth in 2023.

via Markets Insider|
#crude-market-share#energy#global-oil-demand
energy2 years ago

Oil Prices Stabilize Despite OPEC's Production Cuts

Crude oil prices stabilize after recent losses, supported by Saudi Arabia's commitment to implementing production cuts and extending them if necessary. Geopolitical factors, such as attacks on ships in the Red Sea and the end of the Israel-Hamas ceasefire, provide additional support. However, concerns about global oil demand persist due to weak factory orders and compliance doubts within OPEC+. ING expects OPEC+ policy to continue driving the oil market in 2024, but acknowledges risks due to the lack of universal agreement on the cuts within the group.

via OilPrice.com|
#energy#geopolitical-factors#global-oil-demand
energy2 years ago

The Impact of OPEC's Production Cuts on Oil Prices

Despite OPEC+ announcing production cuts, oil prices have continued to decline due to weakened global oil demand and increased supply from non-OPEC countries. Saudi Arabia is expected to maintain its 1 million barrel-a-day cuts through 2024, but doubts remain about full compliance from other producers. The US has set record oil production for two consecutive months, challenging Saudi Arabia's market control. The voluntary nature of the cuts and uncertainty over compliance have contributed to the market's skepticism.

via Markets Insider|
#energy#global-oil-demand#oil-prices
energy2 years ago

"US Oil Production Set to Soar, Breaking Records Under Biden Administration"

The Energy Information Administration (EIA) predicts that US crude oil production will reach a record high of 12.76 million barrels per day (bpd) in 2023, an increase of 850,000 bpd from current levels. The EIA also forecasts a further rise to 13.09 million bpd in 2024. These projections are attributed to higher well-level productivity and increased crude oil prices. Additionally, the EIA expects global benchmark Brent crude oil prices to average $86 per barrel in the second half of 2023. The report also highlights rising US natural gas production and demand, with both expected to reach record highs in 2023.

via Reuters|
#energy#energy-information-administration#global-oil-demand
energy2 years ago

Oil Prices Fluctuate Amid US Interest Rate Concerns and OPEC+ Cuts

Oil prices dipped 1% due to concerns over potential US interest rate hikes, but losses were limited by supply cuts from Saudi Arabia and Russia. Traders are nervous about higher interest rates impacting demand, while some investors engaged in profit-taking after last week's gains. The OPEC+ group's total output reductions of around 5 million barrels per day, combined with oil demand from China and developing countries, are expected to keep the market tight in the second half of the year despite a sluggish global economy.

via Reuters|
#crude-supply-cuts#energy#global-oil-demand
energy2 years ago

Global Oil Demand to Reach Record High in 2023 Despite Supply Shock and Production Cuts

The International Energy Agency (IEA) has predicted that global oil demand will reach a record high of 101.9 million barrels per day (bpd) this year, driven by resurgent Chinese consumption. Non-OECD countries, led by China, are set to account for nearly 90% of demand growth, while OECD demand has been underwhelming in recent months. The IEA has warned that supply could struggle to catch up with this growth, especially after the surprise OPEC+ cuts, which risk exacerbating a supply deficit expected later this year.

via OilPrice.com|
#china#energy#global-oil-demand
energy2 years ago

IEA warns of potential economic impact as OPEC+ cuts oil supply.

The International Energy Agency (IEA) has warned that the output cuts announced by OPEC+ producers could exacerbate an oil supply deficit expected in the second half of the year and hurt consumers and global economic recovery. The IEA expects global oil supply to fall by 400,000 barrels per day (bpd) by the end of the year, citing an expected production increase of 1 million bpd from outside of OPEC+ beginning in March versus a 1.4 million bpd decline from the producers bloc. The demand picture will be skewed between lacklustre growth in OECD countries and rebounding demand led by China after the relaxation of its COVID-19 restrictions, the IEA said.

via Reuters|
#economic-recovery#energy#global-oil-demand