The growth rate of global oil needs in this and in the next few years will be twice as low as the 2023 level.
In the global oil market, an excessive record is expected next year, as demand is hardly increasing, as the proposal increases due to increased production. This has been proven by the monthly report of the International Energy Agency (IEA).
Oil reserves will grow at a speed of 2.96 million barrels per day, which exceeds even the average level recorded during the Covid-19 pandemia in 2020, when economic activity and oil consumption fell strongly.
The growth rate of global oil needs in this and in the next few years will be half compared to the level of 2023 and up to about 700 thousand barrels per day. In 2026, average sun -consumption was expected at a level of 104.4 million barrels, as production reached 105.6 million in July this year.
It has been noted that the rising of the victim’s quotas, implemented by OPEC+ countries for months, will lead to an increase in the offer of 2.5 million barrels this year and another 1.9 million in the next.
The agency’s analysts note that imbalance in the oil market is becoming more visible, as the predicted supply will significantly exceed demand by the end of this year and in 2026. At the same time, new sanctions against Russia and Iran may change the situation.
“Obviously something must happen to balance the market,” the report said. Now this “one thing” is a collapse of oil prices, which has reduced almost 12%since the beginning of the year. Currently, Brent has been exchanged for about $ 66 per barrel.
Among the influential factors for the price of IEA called the increasing labor of OPEC+ countries and the trade war, which Donald Trump released: increasing import duties, according to forecasts, will hit the growth rate of the world.
Keep in mind that oil supplies from Russia have reached the minimum level since February, as refinery processing has increased faster than labor, which is reflected in export volumes.
Russian Federation’s exporting oil reaches a five -a minimum -mea
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.