Connection

popular articles

Han-Ho Hydrogen Consortium arrives in Australia
Equinor transforms Brooklyn port terminal into offshore wind hub
SoCalGas and EVOLOH reduce electrolyser production costs by 25%.
Uganda develops nuclear power to diversify its energy mix
TotalEnergies Increases its Gas Assets in the Eagle Ford Basin

IEA revises world oil demand downwards for 2024

The IEA cuts its oil demand forecast for 2024 due to low deliveries and reduced consumption, with implications for OPEC+ and non-OPEC+ producers.
Prévisions demande pétrole 2024

Please share:

The IEA has lowered its forecast for global oil demand growth to 1.2 million barrels per day (b/d) for 2024, from 1.3 million b/d previously, due to “exceptionally low” first-quarter deliveries in OECD countries and reduced consumption by vehicles. For 2025, growth is estimated at 1.1 million b/d.

Impact on refining capacity

The refinery throughput growth estimate for 2024 has also been revised downwards, to 1 million b/d from 1.2 million b/d in the previous report. This revision is due in part to production cutbacks in Russia following drone attacks, unplanned outages in Europe, and moderate economic activity in China. For 2025, the IEA forecasts an increase in refining capacity of 830,000 b/d, reaching 84.2 million b/d.

Increase in overall production forecast

The IEA forecasts that global oil production will increase by 770,000 b/d this year, in line with last month’s report. By 2025, growth is expected to double to 1.6 million b/d, led by non-OPEC+ producing countries, with production up by 1.4 million b/d. The USA, Brazil, Guyana and Canada, all non-OPEC+ members, are expected to add 1.2 million b/d in 2024 and 1 million b/d in 2025.

Lower demand for OPEC+ oil

Following production increases by non-OPEC+ countries, the IEA has increased its forecast for lower demand for OPEC+ crude oil this year to 500,000 b/d, forecasting “demand” for OPEC+ crude at 41.8 million b/d. A further decline of 300,000 b/d is expected in 2025, to 41.5 million b/d.

Diverging outlooks on demand

Analysts at S&P Global Commodity Insights are slightly more optimistic than the IEA on demand, with a forecast for liquids demand growth of 1.7 million b/d in 2024, slowing to 1.2 million b/d in 2025. In its monthly oil market report of April 11, OPEC maintains its forecast for global demand growth of 2.2 million b/d in 2024, slowing to 1.8 million b/d in 2025.

Adjustments to IEA forecasts suggest a complex 2024 for the global oil market, potentially impacting production and consumption. The discrepancies between the main forecasting agencies reflect ongoing uncertainty in the energy sector.

Register free of charge for uninterrupted access.

Publicite

Latest news

South Korea Launches 96 MW Offshore Wind Farm Led by CIP and SK Innovation
The Netherlands and the United Kingdom connected through a 2 GW wind project
Norway Approves Halden for a 1200 MWe SMR Nuclear Plant
The United States allocates 7 billion in tax credits for nuclear-powered hydrogen
China Mobilizes 49% of Global Green Hydrogen Capacity in 2023

Recently published in

India and Hindustan Petroleum increase refining capacity to 309 million tons by 2028

India, supported by Hindustan Petroleum and other major players, aims for a refining capacity of 309 million tons per year by 2028, meeting growing demand for petroleum products and boosting exports.
Perenco’s Strategy in the Congo to Reach 100,000 Barrels per Day
With a current production of 80,000 barrels per day, Perenco aims to increase this figure to 100,000 through the optimization of the offshore Émeraude field, despite complex geological challenges.
en_11401161540
Perenco’s Strategy in the Congo to Reach 100,000 Barrels per Day
With a current production of 80,000 barrels per day, Perenco aims to increase this figure to 100,000 through the optimization of the offshore Émeraude field, despite complex geological challenges.
en_11401161540
Russia Faces a 9,200-Ton Oil Spill in Sevastopol
The sinking of two Russian oil tankers caused an unprecedented 9,200-ton oil spill impacting the Kerch Strait and Sevastopol. This crisis highlights significant technological challenges and geopolitical tensions in the region.
en_11401120540
Russia Faces a 9,200-Ton Oil Spill in Sevastopol
The sinking of two Russian oil tankers caused an unprecedented 9,200-ton oil spill impacting the Kerch Strait and Sevastopol. This crisis highlights significant technological challenges and geopolitical tensions in the region.
en_11401120540
The United States anticipates a 1.97% increase in oil prices amid freezing conditions
Oil and gas prices rise as an arctic cold wave threatens production in Texas, a key player in the U.S. energy market.
en_11401124540
The United States anticipates a 1.97% increase in oil prices amid freezing conditions
Oil and gas prices rise as an arctic cold wave threatens production in Texas, a key player in the U.S. energy market.
en_11401124540

The United States Records a Limited Decrease of 1.2 Million Barrels in Oil Stocks

U.S. commercial oil reserves dropped by 1.2 million barrels, a figure below market expectations, in a context marked by rising exports and declining demand.
Russia Alerts on 73,000 Tons of Contaminated Sand After a Shipwreck in Crimea
The oil spill in the Kerch Strait caused by the shipwreck of two Russian tankers has contaminated 73,000 tons of sand, raising concerns about the costs and environmental impact in Russia and Crimea.
en_11401102540
Russia Alerts on 73,000 Tons of Contaminated Sand After a Shipwreck in Crimea
The oil spill in the Kerch Strait caused by the shipwreck of two Russian tankers has contaminated 73,000 tons of sand, raising concerns about the costs and environmental impact in Russia and Crimea.
en_11401102540
Nigeria: The Central Bank Questions Feasibility of 2 Million Barrels Per Day Target
The Central Bank of Nigeria casts doubt on the 2 million bpd production target, citing outdated infrastructure and operational inefficiencies despite recent government reforms.
en_11401101540
Nigeria: The Central Bank Questions Feasibility of 2 Million Barrels Per Day Target
The Central Bank of Nigeria casts doubt on the 2 million bpd production target, citing outdated infrastructure and operational inefficiencies despite recent government reforms.
en_11401101540
CNOOC develops an oil field with a capacity of 13,600 barrels per day
A strategic project in the South China Sea aims to optimize the Panyu oilfields with unmanned platforms and intelligent technologies, supporting the region’s energy ambitions.
en_11401090540
CNOOC develops an oil field with a capacity of 13,600 barrels per day
A strategic project in the South China Sea aims to optimize the Panyu oilfields with unmanned platforms and intelligent technologies, supporting the region’s energy ambitions.
en_11401090540

The South Sudan Oil Revival: Balancing Economic Hopes and Logistical Challenges

South Sudan plans to revive its oil production, critical for its economy, despite challenges related to damaged infrastructure and ongoing tensions with Sudan.
Algeria Strengthens Partnership with Sinopec on $3.12 Million Projects
Algeria and Sinopec consolidate their economic and environmental cooperation with a $3.12 million investment dedicated to safety and sustainability in the oil sector.
en_11401079540
Algeria Strengthens Partnership with Sinopec on $3.12 Million Projects
Algeria and Sinopec consolidate their economic and environmental cooperation with a $3.12 million investment dedicated to safety and sustainability in the oil sector.
en_11401079540
Ecopetrol acquires 45% of Repsol in block CPO-09 for 41 million barrels
Ecopetrol finalizes the purchase of Repsol's 45% stake in the CPO-09 oil block, adding 41 million barrels to its reserves and strengthening its strategic position in the Llanos Orientales basin.
en_11401085540
Ecopetrol acquires 45% of Repsol in block CPO-09 for 41 million barrels
Ecopetrol finalizes the purchase of Repsol's 45% stake in the CPO-09 oil block, adding 41 million barrels to its reserves and strengthening its strategic position in the Llanos Orientales basin.
en_11401085540
China Optimizes Petrochemical Production with 50 Million Tons Capacity
The Zhenhai refinery, following a strategic expansion, consolidates the Ningbo base as a major player in China's petrochemical sector.
en_11401049540
China Optimizes Petrochemical Production with 50 Million Tons Capacity
The Zhenhai refinery, following a strategic expansion, consolidates the Ningbo base as a major player in China's petrochemical sector.
en_11401049540

Germany Suspends 20% of Kazakh Oil Imports After Pipeline Disruption in Poland

The disruption on the Druzhba pipeline, connecting Poland to Germany, halts 20% of Germany’s Kazakh oil supply, with a resumption expected by year-end.
OPEC+ Faces Uncertainty: Geopolitics and Oil Market Challenges in 2025
Amid geopolitical volatility and oversupply, OPEC+ must navigate critical decisions to stabilize oil prices while preserving market share against hesitant demand.
en_11401022540
OPEC+ Faces Uncertainty: Geopolitics and Oil Market Challenges in 2025
Amid geopolitical volatility and oversupply, OPEC+ must navigate critical decisions to stabilize oil prices while preserving market share against hesitant demand.
en_11401022540
China increases oil production with 9,700 barrels per day in the Bohai Bay
CNOOC initiates a new oil project in Bohai Bay, targeting a maximum production of 9,700 barrels per day by 2026, leveraging existing infrastructure to reduce costs and improve efficiency.
en_1140998540
China increases oil production with 9,700 barrels per day in the Bohai Bay
CNOOC initiates a new oil project in Bohai Bay, targeting a maximum production of 9,700 barrels per day by 2026, leveraging existing infrastructure to reduce costs and improve efficiency.
en_1140998540
ExxonMobil Guyana Finalizes a 535 Million USD Acquisition for an FPSO in Guyana
ExxonMobil Guyana completes the purchase of the FPSO Liza Destiny from SBM Offshore for 535 million USD, strengthening its strategy in the oil industry in Guyana.
en_1140989540
ExxonMobil Guyana Finalizes a 535 Million USD Acquisition for an FPSO in Guyana
ExxonMobil Guyana completes the purchase of the FPSO Liza Destiny from SBM Offshore for 535 million USD, strengthening its strategy in the oil industry in Guyana.
en_1140989540

TAG Oil accelerates the development of its oil field in Egypt

TAG Oil announces progress at its BED-1 site in Egypt, with stable production, new drilling planned for 2025, and a partnership strategy to optimize operations.
Oil and gas producers lagging on net-zero goals
A Carbon Tracker study reveals that major global oil and gas players are struggling to align their strategies with the Paris Agreement, despite increasing risks related to energy transition and regulations.
en_1140958540
Oil and gas producers lagging on net-zero goals
A Carbon Tracker study reveals that major global oil and gas players are struggling to align their strategies with the Paris Agreement, despite increasing risks related to energy transition and regulations.
en_1140958540
United States: Oil Stocks Decrease by 900,000 Barrels
U.S. crude oil reserves decreased by 900,000 barrels, a smaller reduction than the anticipated 1.7 million barrels. Rising exports and a slowdown in refinery activity explain this discrepancy.
en_1140976540
United States: Oil Stocks Decrease by 900,000 Barrels
U.S. crude oil reserves decreased by 900,000 barrels, a smaller reduction than the anticipated 1.7 million barrels. Rising exports and a slowdown in refinery activity explain this discrepancy.
en_1140976540
Namibia: Owambo Basin Emerges as a New Oil Promise After Orange
Seismic analyses confirm a promising oil potential in Namibia's onshore Owambo Basin. Independent explorer Monitor Exploration Ltd is preparing a strategic plan to exploit these resources starting in 2025.
en_1140905540
Namibia: Owambo Basin Emerges as a New Oil Promise After Orange
Seismic analyses confirm a promising oil potential in Namibia's onshore Owambo Basin. Independent explorer Monitor Exploration Ltd is preparing a strategic plan to exploit these resources starting in 2025.
en_1140905540

Shell approves investment for Phase 3 of the Silvertip project in the Gulf of Mexico

Shell Offshore Inc. has confirmed Phase 3 of the Silvertip project, aimed at increasing oil production at Perdido in the Gulf of Mexico through two new wells. This initiative reflects its commitment to low-carbon energy production.
Diamondback Energy, Halliburton, and VoltaGrid adopt electric fracturing in the Permian Basin
Three energy sector leaders join forces to integrate electric hydraulic fracturing fleets, optimizing operations in the Permian Basin while reducing the environmental impacts associated with fossil fuels.
en_1140884540
Diamondback Energy, Halliburton, and VoltaGrid adopt electric fracturing in the Permian Basin
Three energy sector leaders join forces to integrate electric hydraulic fracturing fleets, optimizing operations in the Permian Basin while reducing the environmental impacts associated with fossil fuels.
en_1140884540
CNOOC sells its Gulf of Mexico oil assets to INEOS Energy
CNOOC Energy Holdings U.S.A. Inc., a subsidiary of CNOOC Limited, transfers its stakes in the Appomattox and Stampede oil fields to INEOS Energy, marking a strategic reorganization of its global portfolio.
en_1140881540
CNOOC sells its Gulf of Mexico oil assets to INEOS Energy
CNOOC Energy Holdings U.S.A. Inc., a subsidiary of CNOOC Limited, transfers its stakes in the Appomattox and Stampede oil fields to INEOS Energy, marking a strategic reorganization of its global portfolio.
en_1140881540
OPEC Revises Down its Oil Demand Forecasts for 2024 and 2025
The Organization of the Petroleum Exporting Countries (OPEC) adjusts its monthly forecasts, predicting a downward revision in global oil consumption for 2024 and 2025 while highlighting the critical role of non-OECD economies.
en_1140870540
OPEC Revises Down its Oil Demand Forecasts for 2024 and 2025
The Organization of the Petroleum Exporting Countries (OPEC) adjusts its monthly forecasts, predicting a downward revision in global oil consumption for 2024 and 2025 while highlighting the critical role of non-OECD economies.
en_1140870540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS