Robin Noble, director of Oxera International Consulting, told Al-Eqtisadiah that demand expectations are positive, citing the latest Bank of America data, which suggests that total levels of oil consumption will reach 107 million barrels per day by 2029, adding a net growth of about 3.7 million barrels. daily for the next six years.
This comes at a time when an OPEC report, issued today, suggested that growth would reach a healthy level of 2.2 million barrels per day, to a level of 104.4 million barrels per day (105.47 million barrels per day in the fourth quarter of 2024).
Oil market transactions witnessed stability during the Red Sea crisis, making oil traders feel complacent, at a time when crude prices continue to take an upward path.
Analysts told Al-Eqtisadiah that, according to international trade data, changing the route of oil tankers led to a direct increase in demand for oil by about 200,000 barrels per day so far.
In this context, Seven Schimmel, director of the German company VG Industry, confirmed that increases in oil supplies from outside OPEC+ are curbing price gains, explaining that over the past decade the United States has become the largest producer of crude oil in the world, thanks to This is partly due to hydraulic fracturing in rock formations.
He explained that American production reached 14.7% of global crude oil production in 2022, adding that despite its progress in production, the United States still lags behind in the remaining proven underground reserves, ranking seventh in the world.
For his part, Markus Krug, chief analyst at A Control Oil and Gas Research, said that there is a large consensus among international analysts that the demand for oil is still high in the world despite the efforts made to reduce dependence on it, and consumption is expected to rise. Until 2030, and perhaps beyond.
He pointed to the pivotal role of the OPEC+ alliance in managing global supply and maintaining the collective work of producers, pointing to Brazil’s joining the alliance and OPEC’s lack of objection if Angola wishes to return to the organization, noting that Goldman Sachs expects an average price of crude oil of $85 per barrel. This year for Brent crude.
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