{"id":49452,"date":"2019-11-06T10:41:11","date_gmt":"2019-11-06T15:41:11","guid":{"rendered":"https:\/\/olduvai.ca\/?p=49452"},"modified":"2019-11-06T10:41:15","modified_gmt":"2019-11-06T15:41:15","slug":"opec-braces-for-drastic-drop-in-oil-demand","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=49452","title":{"rendered":"OPEC Braces For Drastic Drop In Oil Demand"},"content":{"rendered":"\n

OPEC Braces For Drastic Drop In Oil Demand<\/a><\/h3>\n\n\n\n
\"OPEC<\/figure>\n\n\n\n

OPEC admitted that demand for its oil over the next few years could be drastically weaker than it previously thought, due to a combination of a weakening economy, rising supply elsewhere, and pressure from climate activists.<\/p>\n\n\n\n

In its World Oil Outlook, OPEC said that demand for its oil may only reach 32.8 million barrels per day (mb\/d) by 2024, a figure that is substantially lower than the 35 mb\/d from last year\u2019s estimate. Demand is still expected to grow in non-OECD countries going forward, but OPEC admitted that demand may peak in the OECD in 2020.<\/p>\n\n\n\n

Slower economic growth also factored into the lower medium- and long-term estimates. \u201cGiven recent signs of stress in the global economy, and the outlook for global growth, at least in the short- and medium-term, the outlook for global oil demand has been lowered slightly this year to 110.6 mb\/d by 2040,\u201d OPEC\u2019s Secretary-General Mohammad Barkindo said in the report.<\/p>\n\n\n\n

OPEC said that non-OPEC production continues to rise, particularly from U.S. shale, although not exclusively. The cartel has had to restrain production for several years to keep prices from crashing, even in the face of relentless shale growth. U.S. shale is growing, but is now slowing dramatically. At the same time, countries such as Norway, Brazil, Canada and Guyana are expected to continue to add supplies in the next few years. Steady supply increases puts OPEC in a bind.<\/p>\n\n\n\n

Meanwhile, the attention paid to the risks of demand destruction<\/a> in the OPEC report is notable. The phrase \u201cclimate change\u201d appears nearly 50 times in the report and the cartel acknowledged that electric vehicles are \u201cgaining momentum.\u201d<\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

OPEC Braces For Drastic Drop In Oil Demand OPEC admitted that demand for its oil over the next few years could be drastically weaker than it previously thought, due to a combination of a weakening economy, rising supply elsewhere, and pressure from climate activists. In its World Oil Outlook, OPEC said that demand for its […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[6010,589,23083,596,11240],"class_list":["post-49452","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-nick-cunningham","tag-oil-demand","tag-oil-price-com","tag-oil-supply","tag-world-oil-outlook"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49452"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49452\/revisions"}],"predecessor-version":[{"id":49453,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49452\/revisions\/49453"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}