ExxonMobil expects demand for crude to continue until 2050
Goldman Sachs cut its forecast for the average price of Brent crude in 2025 and its range of price movements by five dollars a barrel, suggesting that an unexpected increase in oil inventories and sluggish Chinese demand will affect the market.
The bank, in a recent note, said it reduced the range of price movements for Brent crude to between $70 and $85 per barrel, and expected its average price to be $77 per barrel in 2025, down from $82.
Goldman Sachs said US supply is higher than expected, while demand growth has slowed in China, but said demand in India and low interest rates, among other factors, are hold back the decline in prices.
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) lowered expectations for growth in global oil demand next year to 1.78 million barrels per day from 1.85 million barrels per day than previously expected.
“We still assume that OPEC will raise production in the fourth quarter,” Goldman said. The OPEC Plus group, which includes OPEC and allies including Russia, has adopted a series of production cuts from the end of 2022 to support the market, most of which valid until the end of 2025.
On August 1, OPEC Plus confirmed a plan to start abandoning the latest section of cuts, amounting to 2.2 million barrels per day, starting in October, noting that it is possible to stop for time or to reverse its course if necessary.
Oil prices have stalled their recent gains, falling on Tuesday after rising more than seven per cent in the previous three sessions against a backdrop of supply worries due to concerns over the escalation of the conflict in the Middle East. and the closure of Libya. oil fields.
At the same time, the American oil giant Exxon Mobil Corp expects that the global demand for oil will continue until 2050 at its current levels and maybe a little more, which makes it difficult for the world to meet the goal of emissions. to reach zero carbon by the middle of today. century
Bloomberg News Group reported that ExxonMobil said in its annual report that global demand will remain above 100 million barrels per day until 2050, supported by the growth of industrial use, such as plastic products and heavy transport activities.
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2024-08-27 09:56:02
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