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
BOE Report World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook. The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia
Reuters SINGAPORE – World gas demand is anticipated to achieve pre-pandemic ranges by early subsequent year because the financial system shrugs off pandemic woes, however spare refining capability is more likely to weigh on outlook, oil producers and merchants stated on Monday. Whereas a persistent rise in COVID-19 infections in a number of markets has harm restoration in demand for
Reuters Goldman Sachs sees the oil price pullback as a buying opportunity and forecasts Brent crude reaching $80 per barrel this summer even as the recent rally in prices “takes a big breather.” Oil prices are set to drop about 9% this week after growing worries about weak demand in Europe and a strengthening U.S. dollar sent Brent futures down
Reuters Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executives of Saudi Aramco and Chevron Corp told an oil and gas conference on Tuesday. The coronavirus pandemic last year wiped out a fifth of worldwide demand for fuel as billions of people stopped traveling and sheltered at home. Global demand for oil
Reuters OSLO – The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway’s biggest independent energy consultancy Rystad predicted on Monday. Global demand will likely peak in 2028 at 102 million barrels of oil per day (bpd), down from a pre-pandemic forecast of a peak in 2030 at 106
Reuters Oil prices will be hemmed in the $40-45 per barrel range for the rest of the year, a Reuters poll showed on Friday, with analysts expecting a rough road to recovery into 2021 as an accelerating coronavirus outbreak fans renewed demand concerns. A survey of 41 economists and analysts forecast global benchmark Brent crude prices LCOc1 to average $42.32 a barrel
