That's down by 0.23 million bpd from the previous month's estimate. Given its huge resource potential, it could produce even more if prices end up higher than assumed in this report. IEA (2020), Oil 2020, IEA, Paris https://www.iea.org/reports/oil-2020. Reduced jet and kerosene deliveries will impact total oil demand until at least 2022. The International Energy Agency expects crude oil demand this year to be 8.1 million bpd lower than it was in 2019. Here are the 10 countries with the highest oil consumption: The World Factbook Refined Petroleum Products - Consumption. Against a background of collapsing global oil demand, OPEC+ producers met on 6 March to review the market situation. The projection, contained in OPEC's closely watched monthly oil market report, follows the International Energy Agency's analysis released Monday that forecast a contraction in global demand for 2020 of 90,000 b/d -- which would be the first shrinkage in consumption since the financial crisis in 2009. Oil 2020 looks at the interplay between the expanding US influence in global oil supply and the demand from Asia for exports from the Middle East. Petrochemical feedstocks LPG/ethane and naphtha will drive around half of all oil products demand growth, helped by continued rising plastics demand and cheap natural gas liquids in North America. On the last trading day of 2020, Brent fell 49 cents, or 1%, to $51.14 a barrel. Oil remains the lifeblood of any war effort today and drives many components of the modern military complex including aircraft, vehicles, warships, small arms, and general industry. This assumes that there is no change to sanctions on Iran or Venezuela. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. Oil Consumption by Country (2020) Examination of the oil consumption commitment of countries. Global oil demand is being destroyed as the coronavirus forces people around the world to remain indoors and avoid all unnecessary travel. Gasoline demand sees a sharp slowdown over our forecast period with growth reduced from the 2.5 mb/d seen in the previous six year period to just 500 kb/d over the 2019-25 period. Following a record increase of more than 2.2 mb/d in 2018, the pace of the US expansion slowed to 1.6 mb/d last year as independent producers cut spending and scaled back drilling activity. Oil reserves denote the amount of crude oil located in a particular region that can be recovered using current technological constraints and at a cost that is feasible at the current oil prices. Despite having the smallest population of the three, the United States has the highest consumption. During the medium-term, the US Gulf Coast will solidify its position as the largest seaborne export hub outside the Middle East, adding another 2 mb/d to seaborne crude oil exports. The majority of crude oil produces gasoline, diesel, jet fuel, and heating oils. Containment measures imposed in North America, Europe and elsewhere are expected to have a smaller impact on oil demand than those in China. Nevertheless, investors continue to ratchet up pressure on the industry to sharpen its focus on sustainability issues while activists, especially in Europe and North America, seek to hinder new oil developments. This is about 20% of the world’s total oil consumption. It is estimated that the world consumes over 97 million barrels of oil per day. Due to the coronavirus outbreak weighing on economic growth, OPEC now sees global oil demand rising by mere 60,000 bpd in 2020 after it has slashed … To date, announcements by major oil companies on reducing their CO2 emissions have tended to focus on long‑term objectives. The United States consumes about 19.69 million barrels of oil per day, which is more than the entire European Union. Oil demand growth slows because demand for diesel and gasoline nears a plateau as new efficiency standards are applied to internal combustion engine vehicles and electric vehicles hit the market. A price of $40/bbl would cause LTO output to decline from 2021, and fall by 1.1 mb/d to 2025, compared with growth of 2.2 mb/d in our base case. In its monthly report, OPEC pegged 2020 oil demand at 89.99 million barrels a day, a decline of 9.77 million barrels a day from 2019 and slightly below its previous estimate. At the same time, oil production in the region declines. Brazil, Guyana, Iraq and the United Arab Emirates also deliver impressive gains. The International Energy Agency cut its 2020 global oil demand forecast again on Tuesday, as rising cases of COVID-19 suggest economic recovery will be … As a result, world oil demand is now expected to contract by around 9.8 million barrels per day in 2020, compared to last year. OPEC downwardly revised its outlook for global oil demand growth to 0.99 million barrels per day (bpd) in 2020. Following a difficult start in 2020 (-90 kb/d) due to the coronavirus, growth rebounds to 2.1 mb/d in 2021 and decelerates to 800 kb/d by 2025 as transport fuels demand growth stagnates. These alternatives are outlined in the March edition of the IEA’s monthly Oil Market Report, which is released in tandem with this medium-term report. The United States, China, and India alone account for over a third of the world’s total oil consumption. Efforts to improve the sustainability of the plastics industry will run up against the steady increase in demand from consumers in developing countries. As a consequence, Asian oil import requirements in 2025 surpass 31 mb/d. That's down by 8.8 million b/d from 2019. The world’s oil production capacity is expected to rise by 5.9 mb/d by 2025, which more than covers growth in demand. Between 2019 and 2025, global oil demand is forecast to grow at an average annual rate of just below 1 mb/d. For U.S. companies, it was the equivalent of 18% of proven reserves. Brazil’s surge in oil demand is a welcome development for a global market that’s been forced to push back expectations for when energy demand might get back to pre-virus levels. Global oil supply fell in September as OPEC+ countries improved the compliance rate with their agreement. Our assessment is that global energy demand is set to drop by 5% in 2020, energy-related CO 2 emissions by 7%, and energy investment by 18%. Oil 2020 examines the key issues in demand, supply, refining and trade to 2025. Oil rises on hopes of demand picking up 30 December 2020 - 07:48 Naveen Thukral A liquefied natural gas tanker at a port of the China National Offshore Oil Corporation in Tianjin, China. Following a contraction in 2020 and an expected sharp rebound in 2021, global oil demand growth is set to weaken as consumption of transport fuels increases more slowly. Demand growth for gasoline and diesel between 2019 and 2025 is set to weaken as countries around the world implement policies to improve efficiency and cut carbon dioxide (CO2) emissions, and as electric vehicles increase in popularity. Total non-OPEC oil supply rises by 4.5 mb/d to reach 69.5 mb/d by 2025. U.S. West Texas Intermediate crude settled 12 cents, or 0.25%, higher at $48.52 per barrel. In 2018, the world used approximately 99.3 million barrels of oil per day. The prediction, which sees oil demand … Crude oil is the main source of energy globally. The impacts vary by fuel. Global oil supply fell by 2.4 million bpd in June to a 9-year low of 86.9 million bpd. Recent price volatility could have a major impact on US production. Venezuela currently has the largest oil reserves in the world. At the time of publication, the high uncertainty over the course of the global epidemic has led us to propose two alternatives to our base case for demand in 2020: a more pessimistic one in which global measures are less successful in containing the virus, and an optimistic case in which it is contained quickly. Global oil demand will grow by 5.7 mb/d over the 2019-25 period at an average annual rate of 950 kb/d. Oil advances on U.S. inventory draw, but demand fears weigh Published Tue, Dec 29 2020 11:09 PM EST Updated Wed, Dec 30 2020 3:25 PM EST An aerial drone view of a crude oil … Current oversupply and the impact of COVID-19 on demand should not be a reason for complacency when it comes to security of supply. Ultimately, the outlook for the oil market will depend on how quickly governments move to contain the coronavirus outbreak, how successful their efforts are, and what lingering impact the global health crisis has on economic activity. For 2020 as a whole, the magnitude of the drop in the first half leads to a decline in global oil demand of around 90,000 barrels a day compared with 2019. The International Energy Agency said in an outlook Thursday it expects global oil demand to decline by 8.6 million barrels a day for 2020, a drop fueled by the coronavirus crisis. In this context, governments do not need to take strong containment measures and use of transport remains closer to normal. Crude oil is extracted and undergoes distillation to break down the liquid into various products. Oil imports will be coming from places further away, increasing voyage duration and inherently limiting flexibility when dealing with emergencies. With uncertainties over demand, supply, investment strategies and business models, the global oil industry faces major challenges. Even before the coronavirus, markets had been over-supplied, leading OPEC+ producers to cut output. Further spending cuts are expected for 2020, with capital discipline remaining a priority. Refining capacity additions in recent years have outstripped demand growth, bringing tough competition for an industry already challenged by tightening product specifications, most notably the new International Maritime Organisation (IMO) bunker rules introduced at the beginning of 2020. All major Asian economies are heavily dependent on oil imports. In this base case, we assume that although the virus is brought under control in China by the end of the first quarter, the number of cases rises in many other countries. 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