The December issue of the World of Petroleum and Bitumen
The International Energy Agency (IEA) will revise its forecasts for the growth of global demand for petroleum, based on the economic growth prospects of China and several other countries.
Referring to this point, Fatih Birol, executive director of the International Energy Agency, emphasized the agency’s point of view that the petroleum markets will suffer from supply restrictions in the second half of this year. He had already predicted that despite the slowness of the global economy, the demand from China and developing countries along with the limited supply of OPEC+ producers will keep the supply of petroleum market limited in the second half of this year.
Birol told reporters at the meeting of the G20 energy ministers in India: “The revision of the petroleum demand growth forecast will depend on the growth of many countries in the second half of the year, but mainly on the growth of China’s economy.”
According to the Reuters report, in response to whether there is a possibility of a decrease in the expected growth rate of demand for petroleum, he said: “Yes, but there is also a possibility of a higher revision, so we will see how China’s economic outlook will be. But in any case, we see a lack of supply in the second half of the year.”
The executive director of the International Energy Agency previously stated in an interview with Bloomberg TV: “As always, when the issue of the petroleum market is raised, there are many uncertainties, and if I want to mention the most important factor for the petroleum market, it is China. Of the more than two million barrels per day of growth that we have predicted this year for the global demand for petroleum, 60% will be related to China.”
China, which is the second largest economy in the world and the largest importer of petroleum in the world, has recorded weak economic statistics in recent weeks. Chinese factory prices fell in June at the fastest pace in more than seven years, according to new data released last week.
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