Global Oil Demand Forecast - Apr 17
Posted: Thu Apr 18, 2024 8:02 am
Standard Chartered Says Peak Oil Demand Is Not Imminent
By Alex Kimani - Apr 17, 2024, 7:00 PM CDT
Whereas the short-term oil price outlook appears murky, leading oil agencies remain largely bullish about the long-term outlook.
Interestingly, over the medium-and long-term, only the IEA sees global oil demand peaking before 2030.
Standard Chartered has predicted global oil demand will hit 110.2 mb/d in 2030 and increase further to 113.5 mb/d in 2035.
"U.S. commercial petroleum inventories now stand 16.47mb below the five-year average, with crude inventories at Cushing 7.35 mb below the five-year average. The EIA also estimates U.S. crude oil output clocked in at 13.1 mb/d for a fifth consecutive week, 0.8 mb/d higher y/y but 0.2 mb/d lower than December 2023 production." < Looking more and more like U.S. oil production has peaked, which means that owning the stock of companies that do have plenty of "Running Room" is wise.
Read: https://oilprice.com/Energy/Crude-Oil/Standard-Chartered-Says-Peak-Oil-Demand-Is-Not-Imminent.html
By Alex Kimani - Apr 17, 2024, 7:00 PM CDT
Whereas the short-term oil price outlook appears murky, leading oil agencies remain largely bullish about the long-term outlook.
Interestingly, over the medium-and long-term, only the IEA sees global oil demand peaking before 2030.
Standard Chartered has predicted global oil demand will hit 110.2 mb/d in 2030 and increase further to 113.5 mb/d in 2035.
"U.S. commercial petroleum inventories now stand 16.47mb below the five-year average, with crude inventories at Cushing 7.35 mb below the five-year average. The EIA also estimates U.S. crude oil output clocked in at 13.1 mb/d for a fifth consecutive week, 0.8 mb/d higher y/y but 0.2 mb/d lower than December 2023 production." < Looking more and more like U.S. oil production has peaked, which means that owning the stock of companies that do have plenty of "Running Room" is wise.
Read: https://oilprice.com/Energy/Crude-Oil/Standard-Chartered-Says-Peak-Oil-Demand-Is-Not-Imminent.html