Build oil back better: record oil demand forecast
Tom KirkmanIndependent Project Manager
Build Oil Back Better.
Forecasts are calling for record global demand for oil in 2024 and 2025.
Currently, the U.S. is producing more oil than any other country in the world.
I remain unapologetically pro oil & gas, and openly laugh at those who believe that that wind and solar and hydro will 100% replace hydrocarbons and nuclear.
For reference, one of my earlier posts, discussing a laughable pie in the sky green “research paper” entitled:
“100% Clean and Renewable Wind, Water, and Sunlight All-Sector Energy Roadmaps for 139 Countries of the World”
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“Commodity experts at Standard Chartered have predicted that oil demand growth in the current year will clock in at a robust 1.54 mb/d and 1.41 mb/d in 2025.
Further, Stanchart says that decelerating non-OPEC supply growth and strong demand will support prices at higher levels.
The bullish StanChart report has come out just days before the EIA is set to publish its first set of detailed monthly oil supply and balances on 9 January.
StanChart has forecast that global oil demand growth in 2024-2025 will remain above the longer-term average.
… The analysts have predicted that global monthly demand will move above 104 mb/d for the first time ever in August 2024 before eclipsing 105 mb/d in August 2025.
StanChart sees non-OPEC demand growth outstripping supply growth in both years, leading to an increase in the call on OPEC crude by 520 kb/d in 2024 and 880 kb/d in 2025.
… After hitting an all-time high in 2023, StanChart has predicted that U.S crude oil supply will continue rising, but at a slower clip. …”