All articles tagged with #oil demand
The article discusses the complex and interconnected global oil market, highlighting recent shifts such as increased demand, OPEC+ production cuts, Russia's strategic moves to export oil eastward, and the geopolitical implications for countries like the US, China, and Venezuela, amidst ongoing conflicts and energy transition efforts.
The International Energy Agency now projects that global oil consumption could continue to grow until 2050, driven by slower electric vehicle adoption and increased natural gas use, challenging previous expectations of peak demand and raising concerns about climate change impacts.
The International Energy Agency predicts that global oil and gas demand could continue to grow until 2050 under current policies, with no peak expected before then, and warns that the world is unlikely to meet the 1.5°C temperature rise limit without significant technological advancements. Despite recent shifts towards clean energy, existing policies suggest energy demand will increase, and LNG capacity is set to expand significantly, driven by rising power sector needs and data center growth.
The International Energy Agency (IEA) predicts that global demand for oil and gas will continue to rise for the next 25 years unless significant changes are made to address climate issues, highlighting a concerning outlook for energy and environmental sustainability.
Oil prices have fallen by 19% this year to below $59 a barrel due to increased global supply and sluggish demand, benefiting consumers but putting financial pressure on U.S. oil companies, which are reducing drilling and layoffs.
Oil prices are expected to decline due to potential peace talks between the US and Russia, which could increase Russian oil exports and lead to a supply glut. Demand growth estimates have been revised downward, and US oil inventories are rising, while trade tensions between the US and China further dampen market outlooks.
The article discusses the complex and interconnected global oil market, highlighting recent shifts such as OPEC+ production cuts, Russia's continued exports despite sanctions, and the impact of geopolitical tensions on oil prices and energy security. It emphasizes the rising demand, especially from Asia, and the strategic moves by countries like China, India, and Venezuela, while also considering the implications of energy transition policies like the European Green Deal.
A former hedge fund manager predicts a coming global economic boom driven by rising oil demand, especially from India, despite current market stagnation and subdued expectations for a worldwide upswing.
The article discusses the US government's opposition to the International Energy Agency's forecasts that global oil demand may peak by the end of the decade, highlighting political tensions, differing energy outlooks, and the implications for future energy investments and climate policies.
Oil prices declined after OPEC+ agreed to increase oil production by 547,000 barrels per day in September, reversing previous cuts to regain market share amid concerns over supply disruptions and strong market fundamentals.
Gasoline prices in the U.S. have dropped to their lowest point in over three years, with the national average falling to $2.97 per gallon, according to GasBuddy. This decline comes as Americans prepare for holiday travel, with 32 states already seeing averages below $3. The drop is attributed to decreased gasoline demand and increased inventories, alongside OPEC's decision to delay oil output increases. The trend is expected to continue, potentially lowering prices further by Christmas.
As spring approaches, the national average gas price has risen to $3.39, with demand increasing and oil prices climbing. The top 10 states with the largest gas price increases since February include Ohio, Missouri, and Kansas, while California, Hawaii, and Washington are the top three most expensive gas markets in the US. AAA attributes the rise in gas prices to more expensive oil, with crude oil accounting for about 60% of gas prices.
The EIA predicts zero growth in US crude oil production for 2024, with a drop in production expected for the remainder of the year. The cold snap in January caused a temporary decline in production, and the EIA forecasts a return to near-record levels in February. This lack of production growth could support crude oil prices and help OPEC tighten the market, with a global oil supply deficit of 120,000 bpd expected for this year.
The International Energy Agency (IEA) has raised its 2024 global oil demand growth forecast for the third consecutive month, now projecting a rise of 1.2 million barrels per day (bpd) compared to 2023, citing macroeconomic headwinds and an expanding electric vehicle fleet. Meanwhile, OPEC expects robust world oil demand growth of 1.8 million bpd in 2025, with higher global economic growth and solid activity in China contributing to the outlook.
The International Energy Agency (IEA) has raised its 2024 global oil demand growth forecast by 180,000 barrels per day (bpd), but it remains lower than OPEC's projection, with world supply growth expected to exceed demand growth. The IEA sees a potential supply surplus in the second quarter if OPEC and its allies unwind output cuts as scheduled, and attributes the demand growth revision to improving global economic growth, lower crude prices, and China's expanding petrochemicals sector. The agency expects world oil supply to rise to a new high of 103.5 million bpd in 2024, fueled by record-setting output from the United States, Brazil, Guyana, and Canada, while rising geopolitical tensions in the Middle East have raised concerns about potential disruptions to oil flows.