The world's demand for crude oil will reach its highest by 2035 at 104.4 million barrels per day, according to Unipec, the international arm of major Sinopec.

Reuters quoted the president of the company as saying from 2035 onwards energy efficiency improvements brought about by new technology will begin pressuring oil demand. At the moment, oil demand is less than 100 million bpd.

Generally, oil

Electric vehicles could eliminate more than 7 million barrels from daily oil demand by 2040, Bloomberg New Energy Finance has estimated.

The service also estimated that the upfront costs of EVs will catch up with internal combustion engine cars without subsidies in 2024 and by 2029 electric cars should cost as much as ICE cars thanks to a fall in battery prices.

As a result, BNEF said, by 2040, 55%

Amid multiple reports of strong crude oil demand on a global scale, there is some not so good news for oil producers.

Electric bus adoption is gathering speed in China and will remove demand for almost 280,000 bpd of fuels this year alone.

China is apparently adding huge numbers of electric buses every month and these now represent 17% of the country's fleet, Bloomberg reports. Every five weeks, 9,

OPEC believes oil producers and other stakeholders need to do more to produce reliable oil production, inventory, and demand data.

This data is needed to avoid the huge swings in oil prices, which we have witnessed with increased frequency recently.

At the same time, forecasts by major oil authorities has begun to converge, one OPEC researcher told the Joint Organizations Data Initiative, as quoted

Demand for crude oil could reach its peak in the late 2030s, BP said in its latest annual industry outlook.

The driver behind this development would of course be electric vehicles, both cars and trucks. The supermajor estimates that by 2040 there will be 320 million electric vehicles on the world's roads. This compared with just 2 million in 2016.

There are a lot of analysts that are skeptical

Exxon has forecast in a report that oil and gas will supply 55% of the world's energy needs in 22 years, based on a scenario envisaging a 0.5% annual increase in energy demand and a 0.4% decline in oil demand.

The report, titled Energy & Carbon Summary, is part of Exxon's new efforts to provide its shareholders with disclosures regarding the impact climate change measures will have on its

Saudi Arabia is looking for natural gas supplies from around the world to respond to sky-high domestic demand, Energy Minister Khalid al-Falih said.

On the one hand, this means that despite years of exploration, the kingdom has not found any meaningful gas reserves at home, which might be a problem for the long-term future as the world switches from oil to gas.

On the other, it could turn into a

In its latest monthly Oil Market Report, the International Energy Agency warned that global oil supply next year may rise at rates faster than demand, making life difficult for OPEC producers.

Outside the cartel, the IEA estimates, oil output could rise by 1.6 million bpd next year. This constitutes an upward revision of 200,000 bpd from last months OMR.

Demand, on the other hand, is seen to grow

The International Energy Agency expects the boom in U.S. shale oil and gas production to shape the future of the oil market, with the US turning into a net exporter of oil by 2025.

In its 2017 World Energy Outlook, the authority also said by that year US crude oil production will reach Saudi Arabia's at its highest and the rise in natural gas output will exceed the rate at which output rose in the

Crude oil, along with coal, will drive a 60% increase in energy demand in Southeast Asia between now and 2040, according to the International Energy Agency.

The region for its part will be a key driver for global oil and coal demand: its economy, the IEA forecasts, will triple in the next couple of decades and its population will swell by 20%.

The good news for big oil producers is that local

Crude oil prices continued climbing up this week after they ended last one with gains resulting from the restarting of Gulf Coast refineries.

This week the restarts continue and in even better news the IEA and OPEC both revised upwards their global oil demand projections, which lent additional and strong support to benchmarks.

WTI hit a high of $50.50 a barrel yesterday in midday trade but at the

Oil demand in the world's largest consumer, the US, has begun recovering in the wake of Hurricane Harvey, as more refineries return to regular operation.

That's according to Goldman Sachs commodity analysts who note that the dry weather after the floods will support this demand recovery as will the increase in construction activity as communities in Texas and Louisiana fix the damage done by the

A major increase in oilfield services demand could put a spoke in the wheels of the recovering U.S. shale oil industry, according to a senior industry insider.

Halliburton’s senior vice president for global business development and marketing, Mark Richards, said that he expected the number of active rigs across the U.S. to rise to 1,000 but the rise would slow down in 2018 as the oilfield

Crude oil demand growth this year will slip to 1.4 million barrels daily, from 1.6 million bps in 2016, according to the International Energy Agency.

This is decidedly bad news for oil producers, especially OPEC, which has been trying to prop up prices by curbing production but now it’s starting to become clear the cuts are not having the expected effect.

Crude oil’s fundamentals may again be thrown off balance after 2020, with supply struggling to match demand, the International Energy Agency said.

The reason will be lower than necessary investments, caused by the 2014 price crunch, which could lead to a 14-year low in spare production capacity, the agency said.

After markets calmed down following OPEC’s decision to reduce production, prices are back to $50, with economic consultancy Oxford Economics sticking to its forecast that Brent will average $50 in 2017 and $52 in 2018.

The company’s director of commodity services Dan Smith noted in a report for clients that the forecast is based on demand patterns in two of the world’s largest consumers,

The rate of new oil discoveries is sharply declining and at some point in the future supply will fall short of demand, Wood Mackenzie has warned.

In the first seven months of this year only 736 million barrels of crude were discovered, which means the annual total for 2016 will most likely be even lower than that for 2015. In 2015, oil companies discovered some 2.7 billion barrels of conventional

Investor worries about demand for crude in the US have sparked suspicions that prices could slide below $40 once again and this in turn has given a rise to short positions.

A persistent concern about there being more oil than is needed has continued to pressure prices, with WTI changing hands at $44.14 in mid-morning trade today Singapore time, Bloomberg reports.

What’s worse than crude are

The International Energy Agency has revealed in its latest Oil Market Report that the excessive supply of oil was 800,000 bpd in the first half of the year, versus initial projections of 1.5 million barrels.

The drivers behind this change of circumstances were two: a higher growth in demand and the supply disruptions that at one point wiped out as much as 3.5 million barrels of crude from daily

The International Energy Agency said it expects the oil market to regain its balance by 2017, largely thanks to an anticipated sharp drop in non-OPEC production this year.

The IEA’s head, Fatih Birol, said that daily output outside OPEC was seen to fall by some 700,000 barrels and that recovery may come even before the end of this year, the Guardian quoted him as saying. This would be the

OPEC announced a downward revision of its global oil demand forecast, warning further revisions were also a possibility.

The organisation now expects demand this year to average 1.2 million barrels per day, which is 50,000 barrels less than its last forecast. As reasons for the revision, OPEC cited warmer than usual weather and the lifting of fuel subsidies in some producing countries.

India is fast turning into a major destination for crude oil as the country expands its industrial production, filling a gap left by China, Bloomberg writes.

According to data from the International Energy Agency, India’s demand for crude will rise more than China’s in the period until 2040.

OPEC announced yesterday it had revised down its demand projections for the current year because of the resiliency of non-OPEC producers.

Now, the organization expects global demand for its crude to be 31.52 million barrels daily on average, 90,000 barrels less than previously projected, Reuters reports. This translates into an excess daily output of 760,000 barrels, if production in OPEC stays at

In its 2035 Energy Outlook, BP has projected a 34% increase in energy demand across the world, adding that crude oil will concede some market share to renewable energy sources.

The oil giant has also forecast that shale output globally will rise by 5.7 million barrels daily by the end of that period, reaching 10 million bpd, with the bulk of this extracted in the US. The output there will decline,

The International Energy Agency has added gloom to the oil market, estimating in its World Energy Outlook that the price of crude oil will rise slowly until around 2020, due to slow demand growth.

The agency added that in spite of the radical cuts in investment, demand is growing so slowly that the annual growth rate hasn’t even reached one million barrels yet. So, under IEA’s main scenario,

Saudi Arabia’s oil minister Ali al Naimi said Asia will be the main driver behind demand for crude oil in the next couple of decades.

he added, in an article for the International Energy Forum, that the current low prices are positively influencing the attractiveness of the commodity for Asian buyers and this attractiveness will soon be reflected in growing demand. He pointed out in the same

Market researcher Energy Aspects has forecast a drop in crude oil demand in the current quarter of the year, which hit prices at the start of the week.

Reuters reports that Brent crude traded at $47.95 a barrel at half past midnight GMT, down$0.04, while WTI was changing hands at $44.58 a barrel, down $0.02 from Friday’s close.

A statement by OPEC’s secretary-general pushed up crude oil prices to the highest in several months, raising optimism about future demand for the commodity.

Abdalla Salem El-Badri told the International Monetary Fund yesterday that demand for crude will rise by more than previously expected this year, Bloomberg reported. The average daily increase will be 1.5 million barrels, El-Badri said,