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Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to hit a plateau amid plentiful supply growth, the International Energy Agency said. World consumption will “level off” at 105.6 million barrels a day in 2029, about 4% higher than last year’s level, amid surging sales of electric vehicles …
Major Oil Surplus Seen This Decade as Demand Hits Peak, IEA Says Read More »
Analysts at producer and consumer agencies have different takes on how much the world needs. Analysts from the International Energy Agency and the Organization of Petroleum Exporting Countries are growing even further apart on how much oil the world needs. The two agencies have updated their forecasts for the first time since the wider OPEC+ …
OPEC+ Producers Are Caught Between Diverging Oil Forecasts Read More »
Portfolio investors purchased petroleum contracts for the first time in seven weeks as traders squared up short positions ahead of a meeting of OPEC⁺ ministers to decide production policy in the second half of 2024. Hedge funds and other money managers purchased the equivalent of 21 million barrels in the six most important futures and …
U.S. Oil Futures Draw Renewed Interest from Hedge Funds: Kemp Read More »
Summary Brent 2024 forecast lowered to $84.01 a barrel WTI forecast cut to $79.56 a barrel OPEC+ to meet on June 2, seen keeping output cuts in place Price support seen at $80 if cuts extended -analyst For table of crude price forecasts, click (Reuters) – Analysts have lowered their 2024 oil price forecast for …
Oil Price Forecasts Cut as Supply Risks Trend Lower, Reuters Poll Finds Read More »
The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Wednesday, further expanding the chasm between it and oil producer group OPEC regarding the outlook for global oil demand this year. The Paris-based energy watchdog lowered its growth outlook for this year by 140,000 barrels per day (bpd) to 1.1 million …
IEA Trims 2024 Oil Demand Growth Forecast, Widening Gap with OPEC View Read More »
World oil demand is expected to grow lesser this year than earlier estimates and output should grow faster than thought previously, resulting in a more balanced market, the U.S. Energy Information Administration (EIA) said on Tuesday. The agency hiked its production forecasts from regions outside the Organization of Petroleum Exporting Countries (OPEC), while also lowering …
EIA Cuts World Oil Demand Forecast for 2024, Hikes Output Expectations Read More »
Goldman Sachs on Thursday raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80.It said prices were likely to stay at the higher end of its forecast range, citing disappointing U.S. supply and a likely sticky geopolitical …
Goldman Sachs Hikes Brent crude Forecasts for 2024 and 2025 Read More »
Morgan Stanley has raised its Brent crude oil price forecast for the third quarter of this year by $4 per barrel to $94, citing geopolitical risks. “That the degree of geopolitical risk in key oil producing regions has increased recently seems clear and uncontroversial,” the bank said in a note dated Monday. Brent futures rose …
Morgan Stanley Lifts Q3 Brent Crude Oil Forecast on Geopolitical Risk Read More »
Intensifies fears of commodity-driven inflation resurgence Bloomberg News When oil prices jumped above US$90 a barrel just days ago, military tensions between Israel and Iran were the immediate trigger. But the rally’s foundations went deeper — to global supply shocks that are intensifying fears of a commodity-driven inflation resurgence. A recent move by Mexico to slash its …
Odds of $100 Oil Rise as Supply Shocks Convulse the Market Read More »
Brokerage Raymond James says its global industry survey of upstream oil companies shows an uptick of 3% in capex spending in 2024, plateauing after 2023. ** Says global spending in 2024 would mark a fourth consecutive increase, albeit the slowest one – there is, however, a cumulative drop of 33% from the peak level of …
Raymond James Expects Global Oil, Gas Upstream Capex Spending to Rise 3% in 2024 Read More »
