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Canada’s oil and gas looks East
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
OPEC+ caught between a crisis and a surplus
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
The illusion of supply: Rethinking energy security when oil cannot move
Demand for oil is falling because supply cannot meet it, not because it is no longer required
OPEC+’s 11m b/d March production collapse
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
The demand destruction timebomb
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
Lessons from the crisis
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
Letter from the US: The oil market abyss
The overlooked oil supply issue is that even after the Strait of Hormuz opens, barrels won’t readily return
Middle East chaos creates new oil and gas trends
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
The key arteries of the energy world
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
Through the oil looking glass
The extent of the US-Israel war with Iran means there will be no going back to the previous market equilibrium no matter how the conflict ends
Asia-Pacific will be the leader in oil demand growth to 2030
Refining Markets
Lee Nichols,
Vice-president, content,
Gulf Energy Information
5 October 2023
Follow @PetroleumEcon
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Refining Report: Biofuels lead the way

Gasoline and diesel demand set to stagnate but biofuels production due to expand significantly to 2030

Oil consumption rates have been level with or greater than consumption rates pre-Covid since Q3/Q4 2022. The IEA, the US EIA and OPEC have forecast global oil demand to hover around 102m b/d in 2023. All three organisations also forecast consumption to increase in 2024 to 102.75–104.25m b/d. In the longer term, the IEA forecasts oil consumption to increase by an additional 2.6m b/d, reaching approximately 105.7m b/d, by 2029. Asia-Pacific will be the leader in oil demand growth to 2030, led by increased industrialisation and demand for refined and petrochemical products in developing nations. Refined product consumption Refined product demand is forecast to increase over the next several yea

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