Connection

popular articles

Maduro threatens to halt oil exploration in Essequibo, a disputed area with Guyana
Asian refining margins plunge in face of supply glut
South Africa: Mainstream Renewable Power finalizes a 50 MW solar project in Ilikwa
French Court Dismisses Lawsuit Against TotalEnergies Over Climate Crisis
Poland plans to spin off its coal assets within a year

IEA oil forecasts for 2024 revised downwards

The International Energy Agency adjusts its oil demand forecasts for 2024, reflecting a slowdown in Europe and OECD countries.
industrie pétrolière

Please share:

In its latest report, the Paris-based International Energy Agency (IEA) has revised downwards its estimates of global oil demand growth for 2024. Initially forecast to increase by 1.1 million barrels per day (mb/d), demand has been adjusted to 960,000 barrels per day, 140,000 barrels less than previously forecast. This revision reflects a downturn in the first quarter, mainly in Europe. A mild winter and an increase in energy efficiency influenced this downturn. This is due to a reduction in the number of diesel vehicles on the road.

Regional dynamics and outlook for 2025

TheIEA maintains a stable forecast for 2025, with demand growth estimated at 1.2 mb/d, suggesting a slight improvement on 2024. The report points out that the pace of this growth is slowing down compared to the post-Covid recovery of 2023. Although emerging countries, led by China, are the main drivers of growth. This dynamic illustrates the challenges and opportunities facing the global oil market in the face of fluctuating economic and climatic variables.

Oil supply analysis and producer strategies

On the supply side, the IEA forecasts an increase of 580,000 barrels per day in 2024. Non-OPEC+ countries such as the United States, Guyana, Canada and Brazil contribute to this supply. However, US supply growth is showing signs of slowing. However, OPEC+ supply could fall by 840,000 barrels per day if the coalition maintains its restrictive production policy. Opep+ has scheduled a key meeting for June 1. The aim is to redefine its future strategies in response to current market trends.
The IEA’s downward revision of oil demand for 2024 highlights the impact of economic and environmental conditions on the global energy market. Producers are adjusting their supply, and future decisions will be crucial to balancing markets and supporting economic recovery.

Register free of charge for uninterrupted access.

Publicite

Latest news

Hydro-Québec launches a 10 G$ energy efficiency plan by 2035
The UK and Eni finalize financing for CO2 storage project in the Irish Sea
Washington criticises anti-fossil policies at IEA summit
Countries accused of overstating carbon sinks to slow energy transition
Saudi Arabia reduces crude consumption for power generation by 2030

Recently published in

The oil industry braces for increased uncertainty: tariffs, price volatility, and investment risks

The global oil industry prepares for further disruptions as oil prices fall below USD 60 per barrel, a level unseen since 2021. The decline in investments, particularly in the US shale sector, raises concerns.
US oil stocks rise less than expected, crude prices under pressure
US crude inventories increased by 200,000 barrels last week, far below analysts' forecasts. However, oil prices remain under pressure following the announcement of a potential rise in production by OPEC+.
en_1140290960540-14
US oil stocks rise less than expected, crude prices under pressure
US crude inventories increased by 200,000 barrels last week, far below analysts' forecasts. However, oil prices remain under pressure following the announcement of a potential rise in production by OPEC+.
en_1140290960540-14
Thousands of miners block La Paz to protest fuel shortage
Thousands of miners blocked the streets of La Paz on April 23, 2025, to protest the shortage of dollars and fuel, which is particularly affecting Bolivia's mining sector.
en_1140290952540-14
Thousands of miners block La Paz to protest fuel shortage
Thousands of miners blocked the streets of La Paz on April 23, 2025, to protest the shortage of dollars and fuel, which is particularly affecting Bolivia's mining sector.
en_1140290952540-14
OPEC calls on IEA to prioritize energy security over net zero ideology
OPEC Secretary General Haitham Al Ghais emphasizes the need to reconcile energy security with emission reduction goals, in light of the International Energy Agency's (IEA) approach.
en_1140290959540-12
OPEC calls on IEA to prioritize energy security over net zero ideology
OPEC Secretary General Haitham Al Ghais emphasizes the need to reconcile energy security with emission reduction goals, in light of the International Energy Agency's (IEA) approach.
en_1140290959540-12

New oil discovery in Gabon: BW Energy confirms potential of 56 million barrels

The DBM-1 ST2 appraisal well confirms a significant oil discovery offshore Gabon. The Bourdon project could add up to 25 million recoverable barrels to BW Energy's reserves, further strengthening the Dussafu licence development.
Woodside announces stable production in Q1 2025 despite weather impacts
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
en_1140290948540-14
Woodside announces stable production in Q1 2025 despite weather impacts
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
en_1140290948540-14
TAG Oil sells New Zealand oil royalty interests for USD 2.5 mn
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
en_1140290952540-12
TAG Oil sells New Zealand oil royalty interests for USD 2.5 mn
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
en_1140290952540-12
Egypt to drill 75 new oil wells to stabilise national output
The Egyptian government is launching a 75-well drilling campaign in the Eastern Desert, aiming for a 9% increase in crude output in fiscal year 2024/2025.
en_1140290963540-8
Egypt to drill 75 new oil wells to stabilise national output
The Egyptian government is launching a 75-well drilling campaign in the Eastern Desert, aiming for a 9% increase in crude output in fiscal year 2024/2025.
en_1140290963540-8

ReconAfrica signs exploration deal for 5.2 mn oil acres in Angola

Reconnaissance Energy Africa has signed a memorandum of understanding with ANPG to explore 5.2 mn onshore acres in Angola, expanding its operations into the Damara Fold Belt and Rift Basin.
Libya: Economic recovery dependent on oil, but weakened by lack of reforms
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
en_1140290960540-10
Libya: Economic recovery dependent on oil, but weakened by lack of reforms
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
en_1140290960540-10
Washington imposes sanctions on Chinese refinery for processing Iranian oil
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
en_1140290954540-10
Washington imposes sanctions on Chinese refinery for processing Iranian oil
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
en_1140290954540-10
Rönesans Holding launches $2 billion polypropylene production plant in Turkey
Rönesans Holding announces a major $2 billion investment to build a polypropylene (PP) production plant in Ceyhan, Turkey, in partnership with SONATRACH and Stolt-Nielsen. This project is expected to strengthen the country’s industrial self-sufficiency.
en_1140290953540-10
Rönesans Holding launches $2 billion polypropylene production plant in Turkey
Rönesans Holding announces a major $2 billion investment to build a polypropylene (PP) production plant in Ceyhan, Turkey, in partnership with SONATRACH and Stolt-Nielsen. This project is expected to strengthen the country’s industrial self-sufficiency.
en_1140290953540-10

Libya launches global roadshow to boost oil investment

Libya begins an international promotional tour to present 22 oil blocks, aiming to revive a strategic sector affected by years of instability.
Tullow Oil sells Kenyan assets to Gulf Energy for $120 mn and remains on standby
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
en_1140290954540-9
Tullow Oil sells Kenyan assets to Gulf Energy for $120 mn and remains on standby
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
en_1140290954540-9
US crude oil inventories rise less than expected
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
en_1140290952540-9
US crude oil inventories rise less than expected
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
en_1140290952540-9
Amplify Energy revises merger agreement with Juniper Capital, secures additional $10 mn
Amplify Energy has amended the terms of its merger with Juniper Capital, which will inject an additional $10 mn in cash to strengthen the combined entity's financial position amid oil price volatility.
en_1140290961540-8
Amplify Energy revises merger agreement with Juniper Capital, secures additional $10 mn
Amplify Energy has amended the terms of its merger with Juniper Capital, which will inject an additional $10 mn in cash to strengthen the combined entity's financial position amid oil price volatility.
en_1140290961540-8

IEA lowers global oil demand forecast amid rising trade tensions

The International Energy Agency anticipates weaker oil demand growth in 2025, driven by US tariff tensions disrupting market stability and weighing on the shale oil sector.
BP discovers new oil field 190 km off the coast of Louisiana
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
en_1140290963540-5
BP discovers new oil field 190 km off the coast of Louisiana
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
en_1140290963540-5
International Petroleum repurchases 277,060 common shares in April across two markets
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
en_1140290968540-3
International Petroleum repurchases 277,060 common shares in April across two markets
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
en_1140290968540-3
CNOOC starts production at Wenchang 9-7 field in the Pearl River Mouth Basin
CNOOC Limited has begun production at the offshore Wenchang 9-7 oilfield, located in the western Pearl River Mouth Basin, targeting 12,000 barrels of oil equivalent per day by 2027.
en_1140290965540-3
CNOOC starts production at Wenchang 9-7 field in the Pearl River Mouth Basin
CNOOC Limited has begun production at the offshore Wenchang 9-7 oilfield, located in the western Pearl River Mouth Basin, targeting 12,000 barrels of oil equivalent per day by 2027.
en_1140290965540-3

Petro-Victory boosts growth in Brazil through partnerships and acquisitions

Petro-Victory Energy secures key assets in Brazil through strategic alliances and acquisitions, consolidating its onshore market position and initiating a new phase of development.
Trio Petroleum secures producing oil assets in Saskatchewan’s heavy oil basin
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
en_1140290958540-5
Trio Petroleum secures producing oil assets in Saskatchewan’s heavy oil basin
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
en_1140290958540-5
France records 2.8% drop in road fuel deliveries in March
Road fuel volumes declined while jet fuel and non-road diesel increased, according to March 2025 data from the Comité Professionnel du Pétrole.
en_1140290963540-3
France records 2.8% drop in road fuel deliveries in March
Road fuel volumes declined while jet fuel and non-road diesel increased, according to March 2025 data from the Comité Professionnel du Pétrole.
en_1140290963540-3
Chevron forced to return unsold Venezuelan oil under US sanctions
Chevron returned several crude shipments to Venezuela after failing to sell them due to US-imposed financial sanctions, despite holding a temporary authorisation to operate until the end of May.
en_1140290964540-2
Chevron forced to return unsold Venezuelan oil under US sanctions
Chevron returned several crude shipments to Venezuela after failing to sell them due to US-imposed financial sanctions, despite holding a temporary authorisation to operate until the end of May.
en_1140290964540-2

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS