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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.
On Tuesday, the U.S. Energy Information Administration said the country's oil demand would remain steady at 20.5 million barrels per day (bpd) in 2025 and 2026, with domestic oil output rising to ...
L.A. firefighters look for hot spots as they prepare for high winds in the burn areas of the Palisades fire on Tuesday, Jan. 14. (Brian van der Brug/Los Angeles Times)
The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organization, established in 1974, that provides policy recommendations, analysis and data on the global energy sector. [3] The 31 member countries and 13 [4] association countries of the IEA represent 75% of global energy demand. [1]
This is a list of countries by net oil exports in barrels per day based on The World Factbook [1] and other sources. [2] "Net export" refers to the export minus the import. Net export" refers to the export minus the import.
The International Energy Agency (IEA) was formed in the wake of this crisis and currently comprises 31 member countries. [ 44 ] [ 45 ] According to the IEA, approximately 4.1 billion barrels (650,000,000 m 3 ) of oil are held in strategic reserves by the member countries, of which 1.4 billion barrels (220,000,000 m 3 ) is government-controlled.
The IEA also forecast growth in global oil demand to “slow progressively” over the rest of the decade, with demand peaking by 2029 before contracting slightly the year after.
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