US Edition
World oil market may be tighter than it looks, IEA says
SAUDI ARABIA, JUL 11 – OPEC cut medium-term oil demand forecasts due to slower Chinese growth but projects rising demand to 122.9 million barrels per day by 2050, driven by developing countries.
- On Thursday in Vienna, OPEC cut its 2026–2029 global oil demand forecasts due to slowing Chinese growth, as announced in its 2025 World Oil Outlook.
- Slower Chinese economic growth and US tariffs prompted OPEC to lower its 2026–2029 demand forecasts, citing recent weather impacts and economic uncertainty.
- The IEA reports refinery processing rates rising by 3.7 million bpd, warning the market may be tighter despite a projected surplus, with supply forecasts increased by 300,000 bpd to 2.1 million bpd.
- Oil prices increased over 2% following IEA's warning of a tighter market despite a surplus, with Brent rising by $1.72 to $70.36 and WTI up by $1.88 to $68.45.
- Over the coming decades, OPEC projects demand will reach 122.9 million bpd by 2050, requiring $18.2 trillion in investments, diverging from IEA's peak forecast before 2030.
22 Articles
22 Articles
OPEC Predicts Soaring Oil Demand by 2050
The Organization of the Petroleum Exporting Countries (OPEC) on Thursday released an updated forecast for 2050 which anticipated soaring demand for oil in the medium and long term, once China’s economic outlook improves. The post OPEC Predicts Soaring Oil Demand by 2050 appeared first on Breitbart.
IEA Says Oil Market Tighter Than It Looks Despite Apparent Oversupply
The global oil market appears oversupplied on paper, but underlying conditions point to much tighter supply dynamics, the International Energy Agency (IEA) said on Thursday in its latest monthly report. Despite a surge in oil production and inventories, the agency said strong seasonal demand, concentrated stockpiling of crude oil in China and gas liquids stocks in the United States, and firm refining margins suggest that available supply is not …
World oil market may be tighter than it looks, IEA says
The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand.
Coverage Details
Bias Distribution
- 50% of the sources are Center
To view factuality data please Upgrade to Premium
