Daily Energy Report
OPEC production, US inventories, EV outlook, France blusters on Russia, EU gas trading, Iran sanctions, Aussie coal, Denmark nuclear, New battery tech, Aramco/US LNG, US grid danger/China, and more.
May 14, 2025
Chart of the Day
EOA: OPEC Production Declined in April!
Reuters: OPEC Expects Slower 2025 Oil Supply Growth from Rivals after Price Drop
WSJ: OPEC Signals Cautious Optimism on Trade, Holds Oil Demand Forecast
Huaxia: OPEC Maintains Global Oil Demand Forecasts for 2025, 2026
Summary
OPEC lowered its 2025 forecast for oil supply growth from non-OPEC+ producers to 800 kb/d, down from 900 kb/d, citing expected declines in capital spending due to falling oil prices. The slowdown could help OPEC+ stabilize the market. Brent crude recently dropped to its lowest since 2021, settling near $60. OPEC anticipates a 5% drop in non-OPEC+ exploration and production investment in 2025, despite a $3 billion rise in 2024. US output remains a key driver. Global demand forecasts remain unchanged. OPEC+ production declined by 106 kb/d in April, mainly due to Kazakhstan, which has struggled to meet its quotas.