Oil supply minus demand Brent 2017 annual average Brent price 2018 average Brent price Global oil market balance Brent oil price 2017–2018 USD/bbl 2.5 2.0 1.5 1.0 0.5 0-0.5-1.0-1.5-2.0-2.5-40% World oil demand growth remains solid, although the pace of growth is slowing. China’s growth slows while India’s demand remains robust, and by 2024 we forecast that India’s annual volume growth will equal China’s. “We expect global oil demand to surpass 100 million barrels per day by 2020,” Barkindo told the audience of oil industry leaders. This figure is far above the oil producing group’s forecast for 2017 in which global oil demand is expected to be around 96.8 million barrels per day. Additionally, as of February 2019, key tables providing the latest information on the world oil demand and supply balance, including monthly revisions; OECD oil stocks and oil on water; non-OPEC supply and OPEC natural gas liquids; and world rig count – as contained in the MOMR appendix tables – will also be made available on the OPEC Website and can be downloaded in Excel, for ease of use. Daily demand for crude oil worldwide from 2006 to 2019 (in million barrels)*. Global demand for crude oil (including biofuels) in 2018 amounted to 99.2 million barrels per day and is projected to increase to 100.6 million barrels per day in 2019.
Oil transportation has been identified as the only way to maintain world oil balance. In the United States, the annual average supply of oil in 2007 was 8.48 million barrels per day, while the annual average demand was 20.7 million barrels per day. Inventories act as the balancing point between supply and demand. During periods when production exceeds consumption, crude oil and petroleum products can be stored for expected future use. In the economic downturn of late 2008 and early 2009, for example, the unexpected drop in world demand led to record crude oil inventories in the United States and other OECD countries.
EIA expects inventory builds will be largest in the first half of 2020, rising at a rate of 1.7 million b/d because of slow oil demand growth. Firmer demand growth as the global economy strengthens and slower supply growth will contribute to balanced markets in the fourth quarter of 2020 and global oil inventory draws in 2021. Oil transportation has been identified as the only way to maintain world oil balance. In the United States, the annual average supply of oil in 2007 was 8.48 million barrels per day, while the annual average demand was 20.7 million barrels per day.
13 Feb 2020 Global oil demand is now expected to see its first quarterly contraction was expected to move towards balance in the second half of 2020 due to a of the year, stronger demand and a tailing off of non-OPEC supply growth. the world petroleum supply and demand balance is becoming increasingly tight by the day, and being cited as one of the factors causing the recent soaring oil
Inventories act as the balancing point between supply and demand. During periods when production exceeds consumption, crude oil and petroleum products can be stored for expected future use. In the economic downturn of late 2008 and early 2009, for example, the unexpected drop in world demand led to record crude oil inventories in the United States and other OECD countries. IEA: World oil supply, demand to rebalance by 2020. The global oil market is expected to rebalance at $80/bbl by 2020, with further increases in price thereafter, as excess oil supplies are shed