Goldman Sachs analysts have revised their outlook for global oil demand upwards, now expecting growth of 600,000 barrels daily this year and 400,000 barrels daily in 2026.
The bank, however, maintained its oil price forecast at $60 per barrel of Brent crude and $56 per barrel of West Texas Intermediate for this year, Reuters reported, citing a new note. Brent crude was trading at over $65 per barrel at the time of writing, and WTI was trading at over $62.
The Organisation of Petroleum Exporting Countries (OPEC) yesterday lowered the demand forecast for crude oil amid tumbling prices as Nigeria pumped 1.4 million barrels of oil per day in October.
Non-OPEC production growth set to outstrip OPEC output growth: S&P Global
Non-OPEC+ oil finding new markets traditionally controlled by the Middle East
South Korea, Taiwan appetite for US crude robust; India’s Russian crude buying intact
Kuwait Petroleum Corporation CEO Al-Sabah: Global oil demand looks robust.
Al-Sabah: U.S. shale production has helped meet part of the recent growth in world oil consumption.
As part of the voluntary OPEC+ cuts, Kuwait has pledged to voluntarily reduce its crude oil production by 135,000 bpd.
The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see a robust increase in oil use, led by China and the Middle East.
OPEC, in a monthly report, said world oil demand will rise by 1.85 million barrels per day in 2025. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from last month.
RIYADH — Saudi Aramco President and CEO Amin Nasser expected global demand for oil to rise by 1.5 million barrels per day (bpd) to 104 million bpd in 2024.
Higher global economic growth and solid activity in China will see robust world oil demand growth of 1.8 million barrels per day (bpd) in 2025, OPEC said on Wednesday in its first outlook into next year’s demand levels.
China’s stellar economic growth for many years pushed the prices of the major commodities it needed ever higher, almost single-handedly creating and sustaining the commodities supercycle over those years.
China’s economic growth target for 2023 was officially “around 5%”, which meant that it was almost certainly going to be attained on paper, regardless of the reality behind the figures.
One obvious sector of concern – among many others that are less so – is the property sector, which accounts for around a third of China’s entire GDP and about 65 percent of total household assets.
World oil consumption will rise by 1.1 million barrels per day(bpd) in 2024, the International Energy Agency (IEA) said in a monthly report
The Organization of the Petroleum Exporting Countries (OPEC) said global oil demand should grow by 2.2 million barrels per day next year to an average of 104.36 mbd.