IEA and OPEC oil market reports are out – ING

Source Fxstreet

Yesterday both the IEA and OPEC released their monthly oil market report, ING’s commodity analyst Warren Patterson and Ewa Manthey note.

OPEC demand growth estimate for 2025 remains unchanged

“The IEA warned of potential supply disruptions following the latest US sanctions on the Russian energy sector, while the agency also revised higher its demand growth forecasts on the back of colder weather across the northern hemisphere. The IEA estimates that 2024 oil demand grew by 940k b/d, up by 90k b/d from its previous estimate. Meanwhile, 2025 demand is expected to grow by 1.05m b/d.”

“In its monthly report, OPEC decided to leave its demand growth estimate for 2025 unchanged at 1.45m b/d YoY, while in its first forecast for 2026, the group expects demand next year to grow by 1.43m b/d YoY. The group also left its supply growth estimates unchanged for non-OPEC+ members at 1.11m b/d for 2025, while for 2026, supply is expected to grow by a similar amount.”

“OPEC production saw marginal growth in December, increasing by 26k b/d MoM to 26.74m b/d. Meanwhile, total OPEC+ production fell by 14k b/d to 40.65m b/d – driven by lower output from Kazakhstan. OPEC numbers suggest that demand for OPEC+ crude in 2025 is 42.5m b/d and 42.7m b/d in 2026.”

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Could PEPE become the next Dogecoin?PEPE is following the path of Dogecoin, which it might replace at some level. With Elon Musk’s endorsement and the community’s support, PEPE is ready for the 2025 rally, which looks eerily similar to Dogecoin in 2021. Dogecoin was initiated in 2013 as a joke based on the “Doge” meme, which had a picture of […]
Author  Cryptopolitan
Jan 03, Fri
PEPE is following the path of Dogecoin, which it might replace at some level. With Elon Musk’s endorsement and the community’s support, PEPE is ready for the 2025 rally, which looks eerily similar to Dogecoin in 2021. Dogecoin was initiated in 2013 as a joke based on the “Doge” meme, which had a picture of […]
placeholder
Dogecoin Still In Play As Price Gears Up For Another 600% Run Above $2Despite the recent Dogecoin pullback, crypto analyst Javon Marks has provided a bullish outlook for the foremost meme coin. According to m, DOGE’s price is gearing up for a move that could send it
Author  NewsBTC
Yesterday 03: 03
Despite the recent Dogecoin pullback, crypto analyst Javon Marks has provided a bullish outlook for the foremost meme coin. According to m, DOGE’s price is gearing up for a move that could send it
placeholder
Ethereum Positioned For A ‘Major Move Upward’ In 2025, Analyst ForecastsAccording to crypto analyst Titan of Crypto, Ethereum (ETH) could be on the verge of a “major move upward” this year as it continues to form higher lows on the weekly chart. However,
Author  NewsBTC
8 hours ago
According to crypto analyst Titan of Crypto, Ethereum (ETH) could be on the verge of a “major move upward” this year as it continues to form higher lows on the weekly chart. However,
placeholder
Australian Dollar edges higher as export prices rise in Q4The Australian Dollar (AUD) breaks its three-day losing streak against the US Dollar (USD) after the release of the Export Price Index on Thursday.
Author  FXStreet
7 hours ago
The Australian Dollar (AUD) breaks its three-day losing streak against the US Dollar (USD) after the release of the Export Price Index on Thursday.
Related Instrument
goTop
quote