Gasoline consumption in China has declined in recent months due to rising electric vehicle sales, sluggish economic growth, and a declining population.
The IEA has lowered its 2024 global crude run estimates by 180,000 b/d from a previous 83 million b/d to 82.8 million b/d, due to the challenging margin environment.
According to the US EIA, global refinery margins have been below their 5-year averages since this spring, with further declines in late summer and early fall.
With weak demand growth and continued supply gains, the oil market will face a sizable surplus in the new year unless a major supply disruption occurs.
The future of Russian natural gas transit via Ukraine is a key uncertainty ahead of the 2024-25 winter season, as both the transit and interconnector agreements between Russia...
Tom Seng, Ed.D., provides a weekly analysis of oil and gas markets. Dr. Seng is Assistant Professor of Professional Practice in Energy, Ralph Lowe Energy Institute, Neeley School...
