Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said, as rising production from the US and other producers outpaces sluggish demand

In a monthly report, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023

The Organization of Petroleum Exporting Countries (OPEC) is very positive on demand for oil in both the short and long term, Secretary General Haitham Al Ghais said at an energy industry event in Abu Dhabi

The oil market is currently balanced and demand is expected to average 104.5 million barrels per day this year, the CEO of Saudi Arabian oil giant Saudi Aramco said

OPEC accused the International Energy Agency (IEA) of “distorting the past and present” for predicting that fossil fuel consumption will peak this decade and that an “age of electricity” will soon begin

U.S. and global oil demand growth will be smaller next year than prior forecasts, the U.S. Energy Information Administration said in its Short-Term Energy Outlook report

OPEC cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision

Oil prices plummeted, erasing their gains for the year, after a deal to restore Libyan supplies shifted market focus back to concerns about weak global crude demand

The largest U.S. oil company, Exxon Mobil, stated that oil and natural gas “will remain essential” in 2050, despite climate goals and changes in energy demand, due to their increasing use in the industrial sector

Global demand increased by 710,000 bpd in the second quarter, the smallest quarterly increase in more than a year, according to the IEA’s monthly oil report