OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1% from 3.2% and said next year’s increase in oil demand would be outpaced by “strong growth” in supply from The reduced supply stack would then lead the average global crude slate to become more sour. Download the summary. A longer, more comprehensive version of our Global Oil Supply & Demand Outlook is available for purchase upon request. Get in touch. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience Crude Oil Price Forecast for 2020. But in the absence of geopolitics, the price of oil – like any other commodity – is dependent on supply and demand. My friend Rick Rule, CEO of Sprott U.S. Holdings, famously says, “The cure for low prices is low prices. And the cure for high prices is high prices.” A weakening global economy and trade war uncertainty are the main reasons why the IEA just cut its oil demand growth forecast again. 4 days US Crude Oil large-scale supply disruption” in Oil 2019, the annual IEA outlook for global oil markets, examines the key issues in demand, supply, refining and trade to 2024. This year, the report covers the following themes: a changed supply picture led by the rise of the United States in world markets thanks to rapidly-growing shale oil production, as it becomes a net exporter of crude oil and products; supply growth in the non-OPEC
19 Aug 2015 This year, according to the International Energy Agency (IEA) July 2015 forecast, global demand growth will rise to 1.4 million barrels per day ( As a result of the outcome of the March 6 OPEC meeting, EIA’s forecast assumes that OPEC will target market share instead of a balanced global oil market. EIA forecasts OPEC crude oil production will average 29.2 million barrels per day (b/d) from April through December 2020, up from an average of 28.7 million b/d in the first quarter of 2020. EIA forecasts U.S. crude oil production will average 13.0 million b/d in 2020, up 0.8 million b/d from 2019, but then fall to 12.7 million b/d in 2021. The forecast decline in 2021 is in response to lower oil prices and would mark the first annual U.S. crude oil production decline since 2016.
Global Energy Demand. The Canadian situation is in sharp contrast to growing energy demand and production elsewhere. By 2040, global oil demand is anticipated to increase to 106.3 million barrels per day (b/d). Across the Asia Pacific region, oil consumption and energy demand are growing significantly, and U.S. energy demand is robust.
The reduced supply stack would then lead the average global crude slate to become more sour. Download the summary. A longer, more comprehensive version of our Global Oil Supply & Demand Outlook is available for purchase upon request. Get in touch. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience Crude Oil Price Forecast for 2020. But in the absence of geopolitics, the price of oil – like any other commodity – is dependent on supply and demand. My friend Rick Rule, CEO of Sprott U.S. Holdings, famously says, “The cure for low prices is low prices. And the cure for high prices is high prices.” A weakening global economy and trade war uncertainty are the main reasons why the IEA just cut its oil demand growth forecast again. 4 days US Crude Oil large-scale supply disruption” in Oil 2019, the annual IEA outlook for global oil markets, examines the key issues in demand, supply, refining and trade to 2024. This year, the report covers the following themes: a changed supply picture led by the rise of the United States in world markets thanks to rapidly-growing shale oil production, as it becomes a net exporter of crude oil and products; supply growth in the non-OPEC Oil supply minus demand Brent 1 Median forecast price from Bloomberg: 23 banks in YE 2018, 64 banks in in summer 2018 and 49 banks in YE2017 need to add >40 MMb/d of new crude production from mainly offshore and shale unsanctioned projects to meet demand, and ~4- The forecast comes on top of an oil market that already fears a slowing demand for crude. The EIA cut its 2019 oil demand growth forecast by 70,000 bpd. of oil demand growth, forecasting a
Since its inception in 1983, the IEA's Oil Market Report (OMR) has become recognised as one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for OECD and selected non-OECD countries. Nobody was able to forecast the crude oil price crash purely based on supply demand data. In other words we conclude that supply demand is useless in forecasting the big moves in crude oil. And as investors we are ONLY interested in big moves, not the peanuts. Leading Indicator: Intermarket dynamics, The Euro