Oil Industry Executives Say Oil Demand Is Beating Forecasts

Global oil demand is stronger than expected with robust growth in all economies across the board, oil industry executives at the CERAWeek conference have said this week, adding that they generally view the International Energy Agency’s IEA demand growth projections for this year as too conservative. In its latest monthly assessment, the IEA raised last week its 2024 outlook on global oil demand growth, by 110,000 barrels per day bpd from the February report.

’s. expects global oil demand to expand by a “robust” 2.2 million bpd in 2024, and to see another 1.8 million bpd annual growth in 2025. Executives at the biggest independent oil traders see demand growth at around 1.5 million bpd this year, and some have pushed back their peak oil demand forecast to the early 2030s, Bloomberg reports.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Qatar Teases Significant Oil and Gas Industry Announcement on SundayQatar's state energy company, one of the world's biggest LNG exporters in the world, has teased a very important announcement.
Source: OilandEnergy - 🏆 34. / 68 Read more »

The U.S. Oil and Gas Industry Spent $234 Billion on M&A in 2023The U.S. oil and gas industry spent $234 billion on mergers and acquisitions in 2023, the highest spend since 2012.
Source: OilandEnergy - 🏆 34. / 68 Read more »

AI Infiltrates Oil Industry To Speed Up Drilling, Cut CostsAI and other tech could bring costs in the shale patch down by double digits as soon as this year.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Oil Industry Consolidation in the Legislative SpotlightIt was only a matter of time before the megadealsand the smaller dealsof 2023 drew the attention of the wrong people.
Source: OilandEnergy - 🏆 34. / 68 Read more »