Sentences with phrase «oil demand growth»

But one often - overlooked fact is that passenger cars represent only a relatively minor share of global oil demand growth.

The other major driver of oil demand growth in coming years comes from what is perhaps the most visible symbol of modern life — plastics.

Taken together, this explain why under current policies the outlook still sees robust oil demand growth for several years to come.

Last year, oil demand growth surprised a bit on the upside, helping bloated inventories to draw down significantly.

Then Q2 oil demand growth figures started coming in, and showed that demand growth was stronger than expected and would continue to be robust in the months to come.

At the same time, lower oil prices will not provide as strong a boon to oil demand growth as might be expected.

However, recent encouraging data about global oil demand growth is making some observers and players in the industry more bullish on oil prices.

Despite the backdrop of political and economic uncertainty, OPEC said that it anticipated world oil demand growth in 2016 to increase by 1.23 million barrels a day (mb / d) after a marginal upward revision, mainly to reflect better - than - expected economic data for the first half of the year.

In the next 10 years, McKinsey expects oil demand growth to flatten due to growing fuel efficiencies and competitive technologies such as the electric car.

Boosted by the bullish supply - demand reports, oil prices rallied on Monday, with Brent hitting a more than two - year high on strong oil demand growth and the threat to Kurdish oil exports over the referendum on independence.

If the planet is to avert the worst scenarios for climate change, the optimistic long - run forecasts for oil demand growth put forward by energy giants such as Exxon can be thrown out the window.

Despite the moderate global growth levels, OPEC remained confident on oil demand growth and stuck to its prediction that oil markets are continuing to rebalance.

The most notable example was Saudi Arabia's Khalid Al - Falih, who wrongly forecast that OPEC was likely to phase out production cuts by mid-2017 thanks to accelerating oil demand growth and disappointing U.S. shale output.

«Russia is the biggest rival to the Saudis in the single - largest oil demand growth country in the world,» RBC Capital Markets» commodity strategist Michael Tran wrote.

The stronger forecast is notable not just because it puts oil demand growth at its hottest in a long time, but also because the IEA essentially shrugged off any lingering effects from the storms in the U.S., concluding that the «impact on global markets is likely to be relatively short - lived.»

While analysts waste their time trying to figure out, for example, when EV will ultimately take all market share of new car sales, for example, this series will concentrate on the first blow: when oil demand growth falls to zero.

In the month to end - September, the International Energy Agency (IEA) and OPEC issued reports suggesting that the global commercial oil stocks have been diminishing, while oil demand growth is strong and expected to stay that way.

According to Mike Muller, Vice President of Crude Trading & Supply at Shell Trading, the soaring diesel fuel demand and the buying of crude oil to fill strategic reserves have been the key drivers of this year's higher oil demand growth.

The oil production cuts and healthy oil demand growth have helped the global inventory surplus to nearly vanish and it certainly looks very much like OPEC and allies have a Continue Reading

However, OPEC expects this relationship to flip this year before widening in 2016 so that world oil demand growth exceeds the change in non-OPEC supply.

China's total oil consumption is slated to continue increasing; EIA forecasts that growth in China's demand for oil will represent 64 % of projected world oil demand growth during 2011 - 2013.

Finally, achieving this goal of curbing oil demand growth will involve expanding technologies such as advanced biofuels, hydrogen and high efficiency processes.

Economic growth is translating into oil demand growth and comes at a time that OPEC and Russia lead production cuts aimed at tightening the market.

Although bullish reports over the past few weeks point to stronger - than - expected oil demand growth, and although global oversupply has reduced over the summer, the bets for $ 100 oil at the end of next year are still way above estimates and forecasts.

Also, the oversupply is now dropping faster and more consistently on the back of strong oil demand growth and the Brent futures flipping to backwardation, which discourages traders from keeping oil in storage.

IEA releases Oil Market Report for August Global oil demand growth expected to slow through 2016 11 August 2016

Robust oil demand growth and reduced global stockpiles have instilled confidence in the oil market lately.

The IEA revised up its forecast for oil demand growth this year, upping it to 1.6 million barrels per day (mb / d) from its July estimate of just 1.5 mb / d.

via:: BBC News Oil Arctic Could Contain 400 Billion Barrels of Oil World Oil Demand Growth to Outpace Non-Opec Supply Growth: IEA Hidden Oil Subsidies: We Need to END Them

While the effects of a possible trade war are still just in the realm of possibilities and analysts are waiting for all the rhetoric dust to settle, if trade and economic growth were to weaken, they could affect the pace of oil demand growth.

Oil at $ 80 could also slow down global oil demand growth, undermining one of the cartel and friends» key assumptions: that robust demand growth will absorb the non-OPEC supply and that demand growth will continue to be strong going forward.

On the demand side, oil at $ 80 could hurt global oil demand growth, which was the tailwind last year to help OPEC significantly reduce the oversupply.

Thus toward 2020, barring a deep global recession, global oil demand growth will eventually whittle away the inventory surplus and then collide with meager, insufficient supply capacity growth.

Global oil demand growth has been close to 2 million barrels per day, and supplies aren't growing anywhere close to that.

Should world GDP grow anywhere close to the IMF's medium term forecast in the high 3 percent range, oil demand growth will rise by closer to 2 million b / d than 1 million b / d by our reckoning.

The IEA reported that world oil supply fell by 720,000 bpd in August compared to July, while on the other hand, the agency revised up its forecast for oil demand growth this year to 1.6 million bpd from the previous estimate for 1.5 million bpd growth.

Earlier this month, the International Energy Agency (IEA) revised upwards its forecast for oil demand growth this year to 1.6 million bpd from the previous estimate for 1.5 million bpd growth.

But earlier this week, oil returned to a bull market and WTI hit a seven - month high at $ 52.22, as sentiment turned bullish with growing evidence that the market is rebalancing, strong oil demand growth, and a supply concern over possible disruption of oil exports from Kurdistan.

China is now the biggest crude oil importer in the world, and the pace of its oil demand growth is capable of influencing the oil market and the trade in the two most traded crude futures in the world, Brent and WTI.

According to a report by OPEC earlier this year, the increase in non-OPEC supply last year was more than twice that of global oil demand growth.

«Despite the progress so far, electric vehicles still have a long way to go before reaching a scale that would make a significant dent in global oil demand growth and greenhouse gas emissions,» said Dr Fatih Birol, the executive director of the International Energy Agency.

For 2018, oil demand growth was also unchanged at 410,000 bpd.

China and India represent the future of oil demand growth, as demand in OECD countries declines.

Yet the growth in oil demand from trucks has outpaced all other sectors — including passenger cars, aviation, industry and petrochemical feedstocks — since 2000 and contributed 40 % to global oil demand growth, a similar contribution as cars.