Daily Energy Report
Oil demand—IEA vs OPEC, US crude inventories, OPEC voluntary cuts, Summer gasoline demand, China LNG imports, EV transition & copper, BNP stops O&G deals, Russia oil revenue, and more.
Chart of the Day: Major Difference in Global Oil Demand Estimates Between OPEC and the IEA
Summary
The IEA released its monthly report earlier today. OPEC released its report yesterday (covered in yesterday’s DER). The differences in estimates in global growth of total liquids is large and striking. Figure (1) above shows current Year-on-Year (YoY) quarterly estimates of growth in demand for global liquids. IEA estimates are significantly lower than that of OPEC.
On yearly basis, OPEC expects global liquids demand to grow by 2.2 mb/d in 2024 while the IEA expects only 1.1 mb/d, literally half of the growth expected by OPEC. The most striking is the difference of estimates in the first quarter of 2024: 800 kb/d!