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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 survey of 31 economists and analysts predicted that Brent crude would average $74.33 per barrel in 2025, down from a forecast of $74.53 in November, marking an eighth straight downward revision.
China, the world's largest crude oil importer, accounted for the bulk of the 2024 downgrade as OPEC trimmed its growth forecast for the country to 580,000 barrels per day (bpd) from 650,000 bpd.
Chinese imports were lower even though exports were up. OPEC and others met and indicated willingness to stop production increases. [59] 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]
OPEC production increases and continued optimism about the worldwide economy offset news of increases in COVID-19 cases in India. [46] A positive demand forecast for China and the United States, along with lower U.S. crude inventories, led to the highest settlement for WTI since March, at $66.08, and Brent, at $69.32. [47]
The IEA forecasts a major oil supply glut in 2025, and even if OPEC+ continues to limit production, it won't be enough to address the overhang. ... Only demand growth will heal OPEC, the analysts ...
2004 U.S. government predictions for oil production other than in OPEC and the former Soviet Union. The July 2007 IEA Medium-Term Oil Market Report projected a 2% non-OPEC liquids supply growth in 2007-2009, reaching 51.0 kbbl/d (8,110 m 3 /d) in 2008, receding thereafter as the slate of verifiable investment projects diminishes. They refer to ...
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 ...