Crude Oil is gearing up for a solid 2024 demand outlook with a supply deficitwww.business-standard.com/economy/news/oil-future-prices-head-for-weekly-gain-on-solid-2024-demand-outlook-124061401244_1.html
439 sats \ 10 comments \ @Coinsreporter 15 Jun econ
The US Energy Information Administration (EIA) upgraded its oil demand growth estimate for 2024 slightly, and the Organization of the Petroleum Exporting Countries (OPEC) stuck to a forecast for relatively strong growth of 2.2 million barrels a day (bpd).
The International Energy Agency (IEA) meanwhile cut its demand growth forecast to under 1 million bpd.
Elsewhere, Russia pledged to meet its output obligations under the OPEC+ pact after saying it exceeded its quota in May.
However, all three forecasters predicted a supply deficit at least until the beginning of winter.
How do you view this Oil narrative shaping up for your future energy needs in your region?
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69 sats \ 2 replies \ @BitcoinAbhi 15 Jun
Under current policies and commitments, global oil and gas consumption will peak before 2030 and decline by an average of 2 percent per year until 2050, falling to about half of today's consumption levels by then Almost all reports by major organizations on future energy supply indicate that nuclear energy will need to play a greater role alongside the expansion of other forms of low-carbon power generation to create a sustainable future energy system
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21 sats \ 1 reply \ @Coinsreporter OP 15 Jun
Thanks for adding up great insights. The dependency on crude oil for energy isn't going anywhere as of now.
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24 sats \ 0 replies \ @BitcoinAbhi 15 Jun
Yes, I also think the same. Who knows the future. But for now, it is not going anywhere
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42 sats \ 4 replies \ @Satosora 15 Jun
Arent our oil reserves a bit low now? Biden did something lately with them, right?
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41 sats \ 3 replies \ @Coinsreporter OP 15 Jun
Yes, they are.
In 2022, the Biden administration sold 180 million barrels of oil from the Strategic Petroleum Reserve over 6 months. The sale lowered the SPR to its lowest levels in 40 years and was the largest ever release of oil from the SPR. SPR drawdowns continued into 2023, lowering the SPR by 45% from January 2021.
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32 sats \ 2 replies \ @Satosora 15 Jun
If biden doesnt make president again, he will be passing on that problem to the next guy...what a nice guy.
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31 sats \ 1 reply \ @Coinsreporter OP 15 Jun
Actually Biden is doing this in an false attempt to lower the prices. The supply deficit is big these days. But Biden's real intention was to impose the propoganda that Oil is not needed that much in USA in upcoming years. This can't be a reality not now, at least.
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11 sats \ 0 replies \ @Satosora 15 Jun
Yeah, he is working hard to create an image.
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32 sats \ 1 reply \ @SatsMate 15 Jun
I think this is why we see such a large push by the current admin on electric vehicles. I think they are aware that in this multipolar world, we need to shift our vehicle type - as we are energy dependent to some degrees.
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10 sats \ 0 replies \ @Bell_curve 15 Jun
Except USA can be energy independent. We have so many untapped energy especially in Alaska
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