Bloomberg Intelligence’s Post

When will the Oil Demand Peak? - The International Energy Agency (IEA) sees oil demand peaking by 2029, levelling off at around 106 million barrels per day (bpd) towards the end of the decade. It has moved forward the date for peak oil demand from 2030. - OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher. That's a huge difference in perspective - implying substantial differences in the way capital is invested in fossil fuel projects and end use technologies. The risks include multi-decade delays in energy transition, stranded assets and increasing stocks of carbon in atmosphere. It is therefore imperative to follow a no regret approach in accordance with best available scientific evidence. https://lnkd.in/dxER_SHc.

The global oil market is shifting, and the power dynamics could be changing. The International Energy Agency (IEA) warns that OPEC+, a group of major oil-producing countries led by Saudi Arabia and Russia, may no longer hold as much influence. Countries like the United States, Guyana, Canada, and Brazil are ramping up their oil production, challenging OPEC+'s control. Guyana, in particular, is on track to produce nearly 1.5 million barrels of oil per day by 2027, thanks to new projects coming online. This surge in supply could weaken OPEC’s control over global prices. As demand continues to rise and global oil inventories dwindle, OPEC’s dominance might be at risk. Curious about what this means for the future of energy? Read the full story to find out more: https://bit.ly/3XbCtQE #EveryoneDeservesOpportunitites #ElDoradoOffshore

Can we finally agree on an oil-market deficit in 1H2024? Yes, we can The world’s leading oil-market agencies are moving towards a consensus view of a tighter market in 2024 and a deficit in the first half of the year in the wake of the recent decision by the OPEC+ group to extend its voluntary production cuts and a more optimistic view on oil demand this year. The March reports by OPEC, the US EIA, and the IEA indicate a tightening balances perspective for 2024 compared to their February reports. Rystad Energy Raphael Faucz Bjørnar Tonhaugen Laura Claudio

OIL TO BE IN SUPPY DEFICIT Global Oil Market Will be in Supply Deficit Next Year, EIA Says - Read More: https://hubs.la/Q02G1BW90 Global oil demand will outpace supply next year, the U.S. Energy Information Administration said on Tuesday, reversing a prior forecast for a surplus. The change came after OPEC and its allies, collectively known as OPEC+, extended most of their deep oil output cuts into next year at a meeting last month. The producer group has been restricting output since late 2022 to shore up oil markets in the face of weakening demand growth, high interest rates and record U.S. output. #opil #oilgas #energy #oiuloutput #Oilsupply

IEA RAISES OIL DEMAND OUTLOOK AGAIN IEA Again Raises Oil Demand Outlook But Still Lags OPEC https://hubs.la/Q02ptSZ70 The International Energy Agency raised its view for oil demand growth by 110,000 barrels per day (bpd) from its previous month’s forecast as Houthi attacks disrupt Red Sea shipping, but its view remains far below that of producer group OPEC. #iea #energyagency #internationalenergyagency #oildemand #demandoutlook #energyindustry #oilandgasindustry #opec

OIL TO BE IN SUPPY DEFICIT Global Oil Market Will be in Supply Deficit Next Year, EIA Says - Read More: https://hubs.la/Q02G1CVT0 Global oil demand will outpace supply next year, the U.S. Energy Information Administration said on Tuesday, reversing a prior forecast for a surplus. The change came after OPEC and its allies, collectively known as OPEC+, extended most of their deep oil output cuts into next year at a meeting last month. The producer group has been restricting output since late 2022 to shore up oil markets in the face of weakening demand growth, high interest rates and record U.S. output. #opil #oilgas #energy #oiuloutput #Oilsupply

Great insights from Neil Atkinson on how the continuation of the #OPEC+ production cuts into 2024 will impact the #oilmarket. Key takeaways: - The alliance will regularly review and closely monitor the market conditions. - Over production by non-members could absorb a large amount of the demand growth projected by analysts, the IEA and OPEC, making an increase in production by OPEC+ tight. - UAE and Iraq are pushing for higher base line to which their cuts are being calculated off of. - Oil prices are unlikely to stray.

#OPEC and Opec+ Influence over the oil price has weakened with time. Since 2022, actions intending to reestablish market equilibrium have failed, and two years later, oil price is still uncertain while highly volatile. The hydrocarbon producing countries and the energy market need new leaders, to be able to establish and firm up, the new controlling variables for the energy markets.  

OIL FORECASTS CUT for 5th Straight Month on Demand, OPEC Uncertainty - Read More: https://hubs.la/Q02RxfBk0 Analysts have cut their 2024 oil price forecasts for a fifth consecutive month, citing weaker demand and uncertainty over OPEC’s plans, with prices expected to remain under pressure despite geopolitical risks, a Reuters poll found on Monday. #oil #oilforecast #energy #oilgas #oilandgascompanies

𝙊𝙋𝙀𝘾+ 𝘿𝙚𝙘𝙞𝙨𝙞𝙤𝙣 𝙤𝙣 𝙊𝙪𝙩𝙥𝙪𝙩 𝙇𝙞𝙠𝙚𝙡𝙮 𝙩𝙤 𝙋𝙧𝙞𝙤𝙧𝙞𝙩𝙞𝙯𝙚 𝘿𝙤𝙡𝙡𝙖𝙧𝙨 𝙊𝙫𝙚𝙧 𝘿𝙚𝙢𝙖𝙣𝙙 OPEC+ ministers must decide whether to raise oil output at their June 1 meeting, a move crucial for balancing the market, according to Bloomberg's Julian Lee. Despite conflicting demand forecasts from OPEC and the International Energy Agency (IEA), OPEC's consistent prediction of 2.25 million barrels per day (bpd) growth contrasts sharply with the IEA's more conservative estimates. OPEC+ needs to boost production by 1.6 million bpd to meet demand, as per their analysis, while the IEA suggests a need for 42 million bpd in the second half of the year, 700,000 bpd more than last month. However, decisions will likely prioritize the revenue needs of member governments over analytical forecasts. https://lnkd.in/dSwGiEXT