IEA: Crude oil demand growth in 2024 may be halved, with a surplus of over one million barrels of crude oil expected every day next year.
In terms of demand, the IEA expects that this year, global oil consumption will increase by 0.92 million barrels per day, which is less than half of the growth rate in 2023. By 2025, demand will grow by 0.99 million barrels per day. However, the IEA predicts that supply growth will continue, with production from countries such as the usa, Brazil, Canada, and Guyana increasing by 1.5 million barrels per day this year and next.
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Oil Inches Higher But Demand Outlook Weighs on Sentiment -- Market Talk
If OPEC+ cancels the voluntary production cut plan, what will happen? Analysis: Oil prices may be halved next year.
1. The agreement of OPEC+ member countries to reduce daily production of 2.2 million barrels of crude oil has been postponed until the end of December; 2. Market observers state that if the organization does not reach a genuine agreement to control production in the future, oil prices may fall to $30 or $40 per barrel next year; 3. According to forecasts, the organization is more likely to gradually phase out production cuts early next year, rather than immediately withdrawing completely.
OPEC Trims Oil Demand Projections for Fourth Consecutive Month
