Oil Demand Growth Faces Significant Headwinds

Oil Demand Growth Faces Significant Headwinds

For most of the past century, energy producers could count on steady oil demand growth. From industrial development in China to population booms in emerging markets, the global appetite for oil kept expanding like clockwork.  There were occasional exceptions, like the 2008-2009 recession and the demand slump from COVID-19, but global oil demand has increased at an average rate of about 1.2 million barrels per day (bpd) for nearly 60 years. But a…

OPEC+ to Approve July Oil Output Hike Despite Rising Demand

OPEC+ is expected to approve a further increase in oil production for July during meetings this week, according to three delegates who spoke to Reuters. The move forms part of the group’s strategy to meet growing global demand and strengthen market share. When the full 22-member alliance convenes tomorrow for a market review, sources suggest that no changes to the current production policy are likely. However, a separate meeting of eight key OPE…