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

OPEC said steady global economic growth has continued in the first half of 2024 and forecast that world oil demand would rise by 2.3 million bpd in the second half

The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth, widening the gap with producer group OPEC in terms of expectations for this year’s global demand outlook

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025

In its monthly report, the Organization of the Petroleum Exporting Countries said that global oil demand will increase by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025

“The global oil market is relatively well-supplied, with demand growth decelerating, while supply shows an increase in America,” said the head of the oil markets and industry division at the International Energy Agency (IEA)

OPEC maintained its forecast of relatively strong growth in global oil demand in 2024 and 2025, while raising its economic expansion projections for both years, stating that there is greater upside potential

This trend implies that the group may encounter challenges in easing production cuts unless there is a significant acceleration in global oil demand or OPEC is willing to accept lower prices