Markets

Global oil demand is facing a bearish outlook due to several converging factors affecting key markets.

The US investment bank forecasts a $75/bbl floor for Brent crude prices, predicting that this threshold will hold despite recent economic uncertainties, including recession fears in the US.

The question of whether global oil demand will ever peak remains a contentious issue in the energy sector. Organizations such as OPEC and the IEA have been debating this for years, each presenting differing views on future fossil fuel consumption.

SLB and Halliburton are optimistic about the global E&P sector despite challenges in North America.

JP Morgan projects WTI crude prices could surge to $100/bbl due to diminished incentives for production growth.

bp's latest Energy Outlook predicts a significant shift in the global energy landscape, forecasting that global oil demand will reach its peak in 2025 at approximately 102MM b/d.

OPEC remains steadfast in its projections for robust global oil demand growth through 2024 and 2025, citing resilient economic conditions and a rebound in summer air travel.

Oil industry executives, surveyed by the Dallas Fed, foresee varying future prices for West Texas Intermediate (WTI).

The future of oil demand is a complex picture with contrasting predictions.

Analysts anticipate continued upward momentum driven by robust demand during the peak driving season and reduced exports from OPEC and Russia.