What do we use it for? Looking at the UK’s non-energy oil demands
From toys to medical supplies, oil is everywhere in domestic UK life and it plays a key role in the country's transport.
oil demand
McKinsey has oil demand peaking by 2027 at the latest
Demand for oil is projected to peak in the next five years, driven largely by an increase in the uptake of electric vehicles.
Saudi Aramco says oil demand’s nearing pre-pandemic levels
Saudi Aramco said demand for oil is nearing pre-Covid levels and reiterated that producers globally are investing too little in supply.
Progress towards a clean energy system ‘still far too slow’, warns IEA report
Progress towards a clean energy system is “still far too slow” to be compatible with net zero by 2050, a report has claimed.
Someone is betting that oil will soar to a record $200 a barrel
Could the energy crunch get so bad that oil prices hit $200 a barrel? One options trader thinks so.
India sees return to normal oil demand by year-end
India expects fuel demand to get back to pre-virus levels by the end of 2021 as the world’s third-biggest oil consumer emerges from the clutches of the Covid-19 pandemic.
Asia’s return to pre-virus oil demand meets several speed bumps
Asia’s uneven oil demand recovery has been headlined by China and India, but the Covid-19 comeback that’s swept through other key fuel-consuming nations is complicating a return to pre-pandemic levels.
Outlook for Chinese oil imports remains bullish
China’s crude oil imports rose to 11.69 million barrels per day (b/d) in March, up 21% year-on-year, with further growth expected, reported FitchSolutions.
Oil deepens slide on dollar gain, concern over short-term demand
Oil in New York dropped more than 5% as short-term demand concerns and a rising dollar collided to cause the biggest intraday drop since December.
Non-OPEC oil supply unlikely to bounce back to pre-pandemic levels in short term, predict analysts
Analysts have warned that non-OPEC oil and gas supply is unlikely to renege on its 2020 losses in the short-term.
IEA cuts oil demand forecast as new lockdowns temper recovery
The International Energy Agency lowered forecasts for global oil demand as renewed lockdowns to contain the pandemic temper the recovery expected this year.
Rystad revises peak oil prediction, says demand wont return to pre-Covid levels until 2023
Global oil demand is expected to peak at just over 102 million barrels per day (bpd) by 2028, two years earlier than originally thought.
Oil demand could be ‘pushed back to pre-crisis levels’ without policy change, warns IEA
The International Energy Agency (IEA) has warned that oil demand could be pushed back to pre-crisis levels without significant policy changes.
Most US oil job losses in pandemic to remain
Almost three-quarters of the pandemic-driven jobs losses in the U.S. petroleum and chemical sectors may not come back before the end of next year, according to Deloitte LLP.
IEA says oil market more fragile as resurgent virus hurts demand
The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said.
BP says oil demand may have peaked already
BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more.
Oil falls with pandemic-hit economies crimping demand outlook
Oil fell as economic signals out of Europe and Asia flashed warning signs about the rebound in crude consumption.
Oil drops with IEA demand outlook pointing to weakness ahead
Oil declined as investors assessed the International Energy Agency’s reduced forecasts for global oil demand in part due to a slowdown in air travel.
A second virus wave is threatening US oil demand again
After months of empty roads, lockdowns were easing and people were getting behind the wheel again. A station in Northern California was selling gasoline for a whopping $5.98 a gallon.
Oil retreats with China outbreak threatening demand bright spot
Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in U.S. stockpiles cast doubt on the demand outlook in the world’s two largest economies.
North Sea can show ‘resilience’ amid 25-year low for oil demand, says academic
An Aberdeen energy expert has said the North Sea has an opportunity to demonstrate its “resilience” as global oil demand reaches a 25-year low.
Oil demand to fall to a ‘staggering’ 25-year low in April, says IEA
Global oil demand will plunge to its lowest level in 25-years this month, in what the International Energy Agency described as a “staggering” wipeout of nearly a decade’s growth.
Electric car advances set to hit demand for oil
The electric vehicle revolution could turn out to be more dramatic than governments and oil companies have yet realised.
Oil demand ‘set to rise’
The Opec group of oil producers said yesterday that global demand would grow faster than previously thought this year.
Aim-listed energy firms ‘vulnerable to predators’
Market volatility and a resultant fall-off in share prices has left Aim-listed oil and gas firms vulnerable to takeover, according to sector specialists at Ernst and Young.