Oil Market Report

The International Energy Agency (IEA) said on Thursday that global oil demand growth has markedly decelerated and is set for just 900,000 barrels per day (bpd) in 2024 due to rapidly slowing Chinese consumption. The Agency cut its growth estimate by 70,000 bpd from last month’s assessment. Global oil demand growth in the first half of 2024 was only 800,000 bpd year-on-year, the lowest pace of growth since 2020, the IEA said in its closely-watched Oil Market Report out today. The main driver of the sluggish growth has been “a rapidly ...

As oil stands at critical yearly lows, higher weight can be attributed to the upcoming monthly reports and outlooks from OPEC, IEA, and EIA this week. The supply production quotas that were forecasted to be elevated during October have reached a turning point given the respective yearly weakness of oil prices. OPEC’s intervention with supply cuts at the start of 2024 significantly boosted gains, in line with broader market sentiment around potential rate cuts. This scenario presents a potential déjà vu, as the alignment of policies ...

The IEA said today that it expects global liquids production capacity to exceed demand by more than 8mn b/d by the end of this decade, which it said could "usher in a lower oil price environment, posing tough challenges for producers in the US shale patch and the Opec+ bloc". The Paris-based consumer watchdog, in its medium term Oil 2024 report, said it anticipates liquids supply capacity of 113.8mn b/d by 2030, when it projects demand at 105.4mn b/d. In terms of supply to market, the IEA said this too will exceed demand by the end ...

The world is likely to have a major surplus of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said on Wednesday (Jun 12). Global demand is expected to "level off" at 106 million barrels per day (bpd) toward the end of this decade while overall supply capacity could reach 114 million bpd, the IEA said in an annual report. This would result in a "staggering" surplus of eight million bpd that oil markets should prepare for, the Paris-based agency said. "As the ...