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Looking into 2025, analysts speculate that global demand will continue sliding, especially given China's decelerating oil consumption. That's one reason the global oil surplus could swell to 1.2 ...
"The U.S. administration highlighted three reasons for imposing these sanctions now: higher global spare capacity, forecasts of a 2025 oil surplus, and currently lower prices," Struyven said.
Many of these countries also import oil, and some import more oil than they export, this is known as an oil export deficit. In contrast, when a country exports more oil than it imports, it is known as an oil export surplus. The second table in this page shows which countries have the largest oil export surplus in US dollar terms.
Oil extended gains to hit a five-month high on Monday as worries grew over supply disruptions impacting big importers China and India following wide-ranging sanctions against Russian crude.
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
[i] Oil & gas reserves are resources that are, or are reasonably certain to be, commercial (i.e. profitable). Reserves are the main asset of an oil & gas company; booking is the process by which they are added to the balance sheet. Contingent and prospective resource estimates are much more speculative and are not booked with the same degree of ...
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.
Especially during the years 1974–1981 and 2005–2014, oil exporters amassed large surpluses of "petrodollars" from the sale of oil at historically high prices. [1] [2] [8] (The word has been credited alternately to Egyptian-American economist Ibrahim Oweiss and to former U.S. Secretary of Commerce Peter G. Peterson, both in 1973.) [9] [10] [11] These petrodollar surpluses could be described ...