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In its monthly oil market report, OPEC cut its outlook for oil demand because of the deceleration in China's economy. It now expects daily demand for oil to grow by roughly 2 million barrels per ...
According to their peer-reviewed report, oil production in 2030 would not exceed 75 million barrels per day (11.9 × 10 ^ 6 m 3 /d) while the IEA forecasts a production of 105 million barrels per day (16.7 × 10 ^ 6 m 3 /d). The lead author of the report, Kjell Aleklett, has claimed that IEA's reports are "political documents". [86]
The world’s major oil producers are pushing back against downbeat sentiment in the crude markets. OPEC’s latest monthly oil report says “oil market fundamentals remain strong despite ...
The Organization of the Petroleum Exporting Countries (OPEC, / ˈoʊpɛk / OH-pek) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq ...
2023–2025 world oil market chronology. In 2023, the first two quarters saw declines, though concerns over U.S. interest rates have kept oil from rising as much as it could have. Oil then rose for seven straight weeks to a nine-month high and then rose and fell before seven weeks of declines.
Global oil supply could outstrip demand by a “staggering” 8 million barrels per day by 2023, according to forecasts published by the agency in its medium-term oil market report.
The annual World Energy Outlook (WEO) is the International Energy Agency's (IEA) flagship publication on global energy projections and analysis. [1] It contains medium to long-term energy market projections, extensive statistics, analysis and advice for both governments and the energy business regarding energy security, environmental protection and economic development.
By 2030, global oil supply will outstrip demand by a “staggering” 8 million barrels per day, according to forecasts published by the agency in its medium-term oil market report.