12 Nov 2019 Global oil demand will hit a plateau around 2030 as the use of more efficient cars and electric vehicles ends an expansion that dominated the Goldman Sachs now expects that global oil demand in the first quarter of 2020 is likely to contract 8 million barrels per day, prompting the bank to slash its Brent 13 Feb 2020 Changes in oil prices can send shockwaves throughout the global economy. Every movement on the production and consumption side of oil is Consequently, if demand goes up, the time remaining before the exhaustion of global oil supplies could get shorter. Still, demand can also decline for several
China, the world’s biggest car market, is mulling a similar move, which would have a significant impact on oil demand. Of the 96m barrels of oil consumed globally each day, 60m are used for The forecast comes on top of an oil market that already fears a slowing demand for crude. The EIA cut its 2019 oil demand growth forecast by 70,000 bpd. Its 2020 forecast for global demand growth increased, however, by 30,000 bpd to 1.43 million barrels per day. However, we also anticipate that demand growth will hit its peak in the early 2030s due to slow chemicals growth and peak transport demand driving down oil consumption. Still, to meet demand, E&P companies will need to add >40 MMb/d of new crude production, mostly from offshore and shale unsanctioned projects.
World oil demand growth, 2018-2024 for selected countries : China, India, Middle East, Rest of the World Crude Oil decreased 30.71 USD/BBL or 50.19% since the beginning of 2020, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude oil reached an all time high of 147.27 in July of 2008. China, the world’s biggest car market, is mulling a similar move, which would have a significant impact on oil demand. Of the 96m barrels of oil consumed globally each day, 60m are used for The forecast comes on top of an oil market that already fears a slowing demand for crude. The EIA cut its 2019 oil demand growth forecast by 70,000 bpd. Its 2020 forecast for global demand growth increased, however, by 30,000 bpd to 1.43 million barrels per day.
As the visualisation shows, global oil production is much more of crude oil (as a result of reduced consumer demand following the Norwegian production of natural gas covers approximately 3 per cent of global demand, however, as an exporter Norway is a significant country. In 2017, Norway oil consumption infographic ddj data-driven-journalism journalism datavisualization crude oil global oil production and consumption.
World oil demand growth, 2018-2024 for selected countries : China, India, Middle East, Rest of the World