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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.
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.
The IEA stated, "In the absence of a major disruption, the market is faced with a sizeable surplus in the new year." Aurora borealis shines over oil derricks on Oct. 11, 2024, in Daqing ...
Both crude benchmarks fell more than 3% last week, pressured by easing supply concerns from the Israel-Hezbollah conflict and 2025 surplus forecasts, despite expected sustained output cuts.
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 ]
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.
That's one reason the global oil surplus could swell to 1.2 million barrels per day next year, according to JPMorgan. Otherwise, expanding outflows from the US, Brazil, Guyana and Canada will also ...
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