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NEW YORK (Reuters) -Oil prices settled close to unchanged on Thursday, pressured by a forecast for ample supply in the oil market but supported by rising expectations of a Federal Reserve interest ...
Oil prices fell 2% on Monday after China’s stimulatory plans failed to impress traders and oil alliance OPEC lowered its demand forecast. West Texas Intermediate closed at $73.83 per barrel ...
The oil market could see a surplus of one million barrels of crude a day in 2025, the IEA forecast. The excess will be driven by low demand in China and booming output from non-OPEC countries.
The next week oil jumped 4 percent with Brent finishing at $82.62 and WTI at $78.54, with high demand forecasts a big reason, despite lower confidence in the U.S. economy by consumers. [60] On June 20, Brent reached $85.89, highest since May 1 after U.S. crude inventories fell and a U.S. jobs report made cutting interest rates more likely. [ 61 ]
Peak world oil scenarios by the US Energy Information Administration (2004) The United States Energy Information Administration projects (as of 2006) world consumption of oil to increase to 98.3 million barrels per day (15.63 × 10 ^ 6 m 3 /d) in 2015 and 118 million barrels per day (18.8 × 10 ^ 6 m 3 /d) in 2030. [57]
A 1956 world oil production distribution, showing historical data and future production, proposed by M. King Hubbert – it had a peak of 12.5 billion barrels per year in about the year 2000. As of 2022, world oil production was about 29.5 billion barrels per year (80.8 Mbbl/day), [1] with an oil glut between 2014 and 2018.
OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the ...
The price of oil could hit $120 a barrel by early 2025, according to Citi. That's according to the bank's bull case, which assumes conflict in the Middle East escalates.