Russia made its deepest oil cut in a year but still pumped above target in May. OPEC+ members exceeded quotas by 320,000 b/d, led by Nigeria and Iraq. OPEC trims 2024 oil demand forecast but keeps robust outlook.
The World Will Be Swimming in Excess Oil by End of This Decade, IEA Says https://t.co/xUl9gMtNjW
IEA says peaking oil demand creates an amount of global excess oil production capacity only seen in 2020 Pandemic. World will run out of oil demand before oil supply. Big Oil given stark warning as peak crude and a major supply surplus expected by 2030 https://t.co/aAjeogrC1b
The IEA is often wrong, but never in doubt. Global oil demand will continue to rise for years to come, as emerging market per capita oil consumption rises towards Western consumption levels. https://t.co/NJv6pxGQ0s
Slowing demand growth and surging supply put global oil markets on course for major surplus this decade - News - @IEA https://t.co/eQELNDF1F1
The World Will Be Swimming in Excess Oil by End of This Decade, IEA Says - WSJ https://t.co/wbi2NDLOvI
We reiterate our view that global oil demand will grow by 1.48 mb/d in 2024! Looking at IEA's report: It is funny how slow economic growth affect oil only! https://t.co/4QlmQF543T
World faces ‘staggering’ oil glut by end of the decade, energy watchdog warns via @FT https://t.co/AzAluiE0I2
Global oil demand is trending above every IEA "scenario" (measured as "total liquids"). So much that achieving NZE 2030 numbers feels science fiction. 5-year oil forecast for 2030: ~105.4 STEPS scenario for 2030: ~104.5 APS scenario for 2030: ~97.5 NZE scenario for 2030: ~83.7
IEA forecasting oil demand to plateau by 2030? It’s a 🔐. We are going to be way past 105 million b/d. Golden rule of energy investing: ALWAYS fade the IEA. Always.
By 2030, world will be producing 7% more oil than it needs — IEA. Okay, what’s the problem? Supply > Demand => lower price. Cheap oil will be good for India, Africa & all developing nations. Exxon-Mobil may not be happy, but billions of people will be. https://t.co/pmMaMpH8Np
Without saying who is right, IEA chief Fatih Birol says the 1.2m bpd gap between their predictions and Opec for oil demand growth is "noteworthy". "We are in the middle of the year, six months have passed. We will see at the end of the year what the numbers will be," he said.
IEA warns oil demand will top by 2030, encouraging companies to diversify away from total reliance. This makes sense as Saudi Arabia has been unloading Aramco shares to foreigners in major chunks. They see the future and are diversifying away.
Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to peak, the International Energy Agency says https://t.co/NywzZgENvK
#IEA lowers 2024 global demand growth forecast by 100,000 bpd to 960,000 bpd #OIL #OOTT https://t.co/t3xxCovIFT
#IEA lowers global oil demand growth projection for the year The energy watchdog continues to maintain that supply is due to outpace demand in the longer-term 2024 global oil demand growth forecast lowered by 100k to 960k bpd #OIL #OOTT
IEA report signals end to era of rising oil demand https://t.co/1IGTPjpsRj
🛢️ IEA Oil Market Report: 🔹 Lowers 2024 demand growth forecast by 100k BPD to 960k BPD 🔹 2025 oil demand growth seen at 1mln BPD amid a muted economy and clean energy tech deployment 🔹 Major oil surplus seen this decade as demand peaks - @newsquawk #OOTT https://t.co/N0VA0SV5hx
Oil 2024 is out now 🚨 It sees growth in global oil demand levelling off this decade as energy transitions advance & major economic shifts take hold. At the same time, supply is set to surge. Read more on the implications for markets worldwide 👇 https://t.co/w3isyyRBWK
Global Oil Markets to Tip Into Surplus by End of Decade, IEA Says https://t.co/l6q2ksMnvW
Breaking news: The International Energy Agency has warned that the world faces a 'staggering' surplus of oil equating to millions of barrels a day by the end of the decade https://t.co/Kd9LulXE7U https://t.co/ztVuYi8Zr9
OIL MARKET: @IEA releases its 5-year oil outlook, forecasting that global demand would plateau in 2029-30 at ~105 million b/d. It sees a major surplus from 2026 onward as it predicts that supply would growth quicker than demand | #OOTT Full report: https://t.co/PJOhytBXLe https://t.co/0OUweJFjvb
Big Oil warned by IEA that peak crude and a major supply surplus are on the horizon https://t.co/Asa4XJRYhG
IEA SAYS THAT BY 2030 OIL SUPPLY CAPACITY WILL RISE TO NEARLY 114 MLN BPD OR 8 MLN BPD ABOVE GLOBAL DEMAND
IEA lowers global oil demand growth projection for the year https://t.co/gthPHBnGEh
IEA CHIEF FATIH BIROL SAYS SUPPLY SURPLUS THIS DECADE SHOULD MAKE OIL COMPANIES EXAMINE THEIR STRATEGIES
IEA SAYS OIL DEMAND IN ADVANCED ECONOMIES WILL FALL TO LESS THAN 43 MLN BPD BY 2030 FROM CLOSE TO 46 MLN BPD IN 2023
IEA LOWERS 2024 DEMAND GROWTH FORECAST BY 100,000 BPD TO 960,000 BPD
IEA SEES 2025 OIL DEMAND GROWTH AT 1 MLN BPD AMID A MUTED ECONOMY AND CLEAN ENERGY TECHNOLOGY DEPLOYMENT
IEA: MAJOR OIL SURPLUS SEEN THIS DECADE AS DEMAND PEAKS.
IEA: CHINA'S OIL DEMAND GROWTH HIT 95K B/D IN APRIL VS. 1Q 800K.
IEA EXECUTIVE DIRECTOR BIROL: THE SUPPLY SURPLUS THIS DECADE SHOULD MAKE OIL COMPANIES EXAMINE THEIR STRATEGIES.
IEA: BY 2030, OIL SUPPLY CAPACITY WILL RISE TO NEARLY 114 MLN BPD OR 8 MLN BPD ABOVE GLOBAL DEMAND.
IEA SEES 2025 OIL DEMAND GROWTH AT 1 MLN BPD AMID A MUTED ECONOMY AND CLEAN ENERGY TECHNOLOGY DEPLOYMENT.
IEA LOWERS 2024 DEMAND GROWTH FORECAST BY 100,000 BPD TO 960,000 BPD.
World faces ‘staggering’ oil glut by end of the decade, IEA warns https://t.co/QbPaDZDU3e
IEA: NON-OPEC+ PRODUCERS LED BY US WILL MAKE UP THREE-QUARTERS OF PRODUCTION CAPACITY INCREASE TO 2030.
IEA: OIL DEMAND IN ADVANCED ECONOMIES WILL FALL TO LESS THAN 43 MLN BPD BY 2030 FROM CLOSE TO 46 MLN BPD IN 2023.
*MAJOR OIL SURPLUS SEEN THIS DECADE AS DEMAND PEAKS, IEA SAYS 'Major' sounds big... got 6 years to get there though - more to this headline it seems
IEA: GLOBAL OIL DEMAND WILL RISE TO NEARLY 106 MLN BPD TOWARD END OF DECADE FROM AROUND 102 MLN BPD IN 2023.
#Crude oil edge higher on optimistic demand outlook by #EIA and weekly inventory data, caution advisable as market is nearing the key resistance level while #US #inflation and Fed decision awaited.
Oil prices edge up on optimistic demand outlook https://t.co/qG6CZGwamX https://t.co/OD5PwXtiT4
EIA forecasts larger records for 2024 US oil output, global demand https://t.co/6jugZvSyoV https://t.co/rxIr83v1uY
US EIA deepens forecast for drop in US natgas output in 2024
⚠️ EIA NOW EXPECTS 2025 U.S. NATURAL GAS CONSUMPTION AT 89.9 BCFD, UP FROM A FORECAST 89.6 BCFD IN MAY **EIA NOW EXPECTS 2025 U.S. DRY NATURAL GAS PRODUCTION AT 104.4 BCFD, DOWN FROM A FORECAST 104.8 BCFD IN MAY
⚠️ EIA NOW EXPECTS 2024 U.S. DRY NATURAL GAS PRODUCTION AT 102.1 BCFD, DOWN FROM A FORECAST 103 BCFD IN MAY **EIA NOW EXPECTS 2024 U.S. NATURAL GAS CONSUMPTION AT 89.4 BCFD, UP FROM A FORECAST 89.3 BCFD IN MAY
US TOTAL CRUDE OIL OUTPUT TO FALL BY 300,000 BPD TO 13.17 MLN IN JUNE FROM MAY, EIA SAYS
OPEC sticks to 2024 oil demand growth forecast but trims Q1 view https://t.co/3IhPzTDIAI https://t.co/zHG6HLrxkq
🛢️ NEW OPEC+ DATA 🛢️ Participating OPEC+ crude output fell 140 kbpd m/m in May as Russia and Kazakhstan made material progress in closing the gap toward their production targets. Link to full report in next tweet. https://t.co/ND68gO5hSx
EIA NOW EXPECTS BRENT CRUDE PRICES TO AVERAGE $84.15 A BARREL THIS YEAR, 4% LOWER THAN THE PREVIOUS FORECAST OF $87.79.
⚠️ EIA NOW EXPECTS BRENT CRUDE PRICES TO AVERAGE $84.15 A BARREL THIS YEAR, 4% LOWER THAN PREVIOUS FORECAST OF $87.79
EIA NOW EXPECTS BRENT CRUDE PRICES TO AVERAGE $84.15 A BARREL THIS YEAR, 4% LOWER THAN PREVIOUS FORECAST OF $87.79
EIA forecasts Brent crude oil prices to USD 84.15bbl (was 87.79) in 2024 and at USD 85.38/bbl (unchanged) in 2025. #oott
EIA projects that US crude production rose by 50kbpd m/m to 13.20mbpd in April (May previously estimated at 13.09, April estimate raised from 12.13 to 13.15), June estimated at 13.17). Dec24 projected at 13.55mbpd (was 13.58) and Dec25 at 13.92mbpd (was 13.91). #oott
EIA raised its 2023 non-OPEC supply growth estimate to +2.56mbpd (was +2.55), raised its 2024 estimate to +0.94mbpd (was +0.92) and raised the 2025 estimate to +1.74mbpd (was 1.71) #oott
EIA cut its 2023 demand estimate to 1.96mbpd (was 1.98), raised the 2024 estimate to 1.08mbpd (was 0.92) and raised the 2025 estimate to 1.53mbpd (was 1.42) #oott
EIA CUTS YE24 GAS IN STORAGE FORECAST BY 5.2% TO 3,339 BCF @ZmansEnrgyBrain
EIA projects a deficit of 0.12mpbd (was a deficit of 0.13) in 2023, a deficit of 0.42mbpd (was a deficit of 0.08) in 2024 and a surplus of 0.19mbpd for 2025 (was a surplus of 0.39) #oott
#OOTT | EIA STEO Current Yr Crude F'cast (Bpd) Jun: 13.24M (prev 13.20M) - Forward Yr Crude F'cast (Bpd): 13.71M (prev 13.73M) - Current Yr Dry NatGas F'cast (Bcf/d): 102.05 (prev 102.99) - Forward Yr Dry NatGas F'cast (Bcf/d): 104.40 (prev 104.79) https://t.co/lrkVjEBv5L https://t.co/p0RMESrtze
ANALYSTS ARE STILL UNDERESTIMATING LONG-TERM OIL DEMAND GROWTH Goldman research has published an interesting report – “Peak demand a decade away and a plateau after that”. So I will use this opportunity to beat the "non-OECD ex China" drum once again :). * GS are pushing the… https://t.co/Ugf2AtPyDa
OPEC 2024 Report is out. This is the report from the June 2nd meeting of OPEC and OPEC+. World Economy and growth figures - alpha. The world economic growth forecasts for 2024 and 2025 remained unchanged at 2.8% and 2.9%, respectively. For US, the economic growth forecasts for… https://t.co/fyXjMCwpPO
OPEC 2024 Report is out. This is the report from the June 2nd meeting of OPEC and OPEC+. World Economy and growth figures - alpha. The world economic growth forecasts for 2024 and 2025 remained unchanged at 2.8% and 2.9%, respectively. For US, the economic growth forecasts… https://t.co/sgCKD5EdCI
#OPEC maintained forecasts for strengthening #oil demand in the second half of the year, as the group and its allies prepare to revive some halted supplies. https://t.co/V5dks8Q4Ri
OPEC maintained forecasts for strengthening oil demand in the second half of the year, as the group and its allies prepare to revive some halted supplies https://t.co/yvvRNu0ZD7
Oil prices little changed as OPEC sticks to demand and steady economic growth forecasts https://t.co/iqVVbO9ES0
OPEC sticks to 2024 oil demand growth forecast, but trims first-quarter view https://t.co/JW5W0LFp2b
#Russia made deepest crude #oil output curbs in May in over a year, but the still nation's produces pumped well above #OPEC+ quota target of 9.049m b/d last month, according to @TheTerminal calculations based on official data.
OPEC Keeps Robust Oil-Demand Outlook After Output Policy Move https://t.co/sbq2XzO9M9
#Russia crude production fell by 119kbpd m/m to 9.182mbpd in May based on OPEC secondary sources #oott
OPEC MONTHLY REPORT JUNE 2024 https://t.co/28jnQV9O9N
OPEC KEEPS NON-DOC SUPPLY GROWTH FORECAST AT 1.1 MILLION B/D IN 2025.
🔴 OPEC: SAUDI ARABIA CRUDE OUTPUT FELL BY 32,000 B/D IN MAY TO 9 MLN B/D.
OPEC SAYS ITS CRUDE OIL OUTPUT IN MAY ROSE BY 29,000 BPD TO 26.63 MILLION BPD.
OPEC TRIMS ESTIMATE OF G1 2024 TOTAL OIL DEMAND BY 50,000 BPD TO 103.51 MILLION BPD & INCREASES Q2 2024 FORECAST BY 50,000 BPD.
The opec monthly report will be out today. Reminder that opec sees demand for this year growing by 2.2 million bpd #OOTT #opec
#Opec+: The nine OPEC members subject to quotas boosted crude oil output by 100,000 b/d in May, driven by Nigeria and Iraq, pushing the group 320,000 b/d above their collective targets, while the bloc's Russia-led allies cut production, the Platts OPEC+ survey from S&P Global…
Oil prices rise more than 2% as Goldman sees supply deficit on summer fuel demand
*RUSSIA MAKES DEEPEST OIL CUT IN YEAR, STILL PUMPS ABOVE TARGET--BBG *RUSSIA PUMPED 9.393M B/D OF CRUDE IN MAY, 344K B/D ABOVE TARGET--BBG 🤷🏻♂️