More balanced supply-demand expected in 2025. The IEA now expects global crude demand to slip to 1.1 million barrels/day this year, down from projections of 1.2 million barrels/day in its previous monthly oil forecast, and a further decline from the 1.3 million barrels/day projected in March...
The Paris-based agency said that oil markets are still dealing with a supply glut, and demand from China—which is weathering aneconomic downturn—"has slowed markedly." The IEA now forecasts global demand to grow by 1.1 millionbarrels per day (B/D), up fromlast month's forecastof "just ...
Crude oil prices slumped Tuesday as theInternational Energy Agency (IEA) cut its projection for oil demand growth, noting China's slowing economy was behind the decision.1 The IEA said oil demand will grow “just shy of” 900,000barrels per day (B/D)in 2024. In September, the IEA had ...
“Persistent overproduction from some OPEC+ members, robust supply growth from non-OPEC+ countries and relatively modest global oil demand growth leaves the market looking comfortably supplied in 2025,” the IEA said in its report. The agency, however, forecast global oil-demand growth of 1.1 m...
Over the past 18 months, the main investment analysts have argued that high oil prices would have no impact on the global economy. Now, new forecasts suggest their optimism has been misplaced. The chart above gives the International Energy Agency’s latest forecast of likely oil demand growth...
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook.But oilrefiningactivity in 2020 is set to fall by more than the IEA anticipated last month and to grow ...
The article is called "A critical review of IEA’s oil demand forecast for China" and was published in the January edition of the Energy Policy journal (PDF is downloadable here for those with access to Energy Policy). Although the article is based upon the oil demand projections from the...
Crude was up almost 2% on Thursday after the IEA report was released to trade near $76. Demand Slowdown In the report, the IEA also trimmed its forecast for oil demand growth in 2023 by 90,000 bpd to 2.3 million bpd and lowered its fourth-quarter estimate by almost 400,000 bpd. ...
Following an 80 kb/d contraction in 4Q22, world oil demand growth is set to accelerate sharply over the course of 2023, from 710 kb/d in 1Q23 to 2.6 mb/d in 4Q23. Average annual growth is forecast to ease from 2.3 mb/d in 2022 to 2 mb/d, and global oil d...
On the demand side, the IEA followed OPEC by downwardly revising its global oil demand growth forecast for 2019 on Friday. The energy agency said it now expects oil demand growth to reach 1.2 million barrels per day (b/d) this year. That's a downward revision of 100,000 b/d fr...