Demand will exceed supply in the oil market next year, US EIA revises outlook
July 10, 2024 8:38 AM GMT+9 (some excerpts)
According to the short-term energy forecast (STEO) announced on the 9th, the Energy Conservation Information Administration (EIA) predicted that demand would exceed supply in the global petroleum market next year. The conventional outlook, where supply was sluggish, has been revised.
Forecasts were reviewed in response to the fact that the Organization of Petroleum Exporting Countries (OPEC) and “OPEC Plus,” which consists of non-member oil-producing countries such as Russia, decided at the June meeting that coordinated production cuts would continue until the end of next year.
According to the EIA, next year the shortage of supply is expected to be smaller than this year. According to the latest forecast, global oil demand next year will average 104.7 million barrels per day, and supply will be 104.6 million barrels. Conventionally, demand was expected to be 104.5 million barrels, and supply was expected to be 104.7 million barrels.
Forecasts were reviewed in response to the fact that the Organization of Petroleum Exporting Countries (OPEC) and “OPEC Plus,” which consists of non-member oil-producing countries such as Russia, decided at the June meeting that coordinated production cuts would continue until the end of next year.
According to the EIA, next year the shortage of supply is expected to be smaller than this year. According to the latest forecast, global oil demand next year will average 104.7 million barrels per day, and supply will be 104.6 million barrels. Conventionally, demand was expected to be 104.5 million barrels, and supply was expected to be 104.7 million barrels.
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