by Robert Boslego. A Saudi Aramco tank farm for crude oil … The Energy Information Administration released its Short-Term Energy Outlook for September, and it shows that OECD oil inventories likely bottomed in this cycle in June 2018 at 2.804 billion barrels. Stocks peaked at 3.204 billion in May 2020. It’s common to hear that electric vehicles are going to take over the motor vehicle market sometime soon and eliminate much of the demand for oil in the not-too-distant future. This "Atlas der Globalisierung"-inspired visualization, based on 2013 data by BP, allows the reader to quickly grasp the temporal and spatial differences in oil consumption and production. Published on December, 2020. An estimated 45% of … On one hand, during certain periods of history, some nations consumed almost as much oil as the rest of the world … Now two influential reports suggest that this state of … The world consumes 35,442,913,090 barrels of oil as of the year 2016, equivalent to 97,103,871 barrels per day. Palm Oil Supply and Demand Outlook Report 2021. Over the long term, we expect to see average oil prices in the USD65-75/bbl range, with supply growth primarily from OPEC, US shale, and a few offshore basins that break even below USD75/bbl. The World Agricultural Supply and Demand Estimates (WASDE) is prepared and released by the World Agricultural Outlook Board (WAOB). A chaotic mismatch between the supply and demand for oil is saturating the world’s ability to store it all. In 2019, Albemarle estimates the world produced 325,000 metric tons of LCE, although demand was only 275,000 metric tons of LCE. However, we also anticipate that demand growth will hit its peak in the early 2030s due to slow chemicals growth and peak transport demand driving down oil consumption. Due to the economic jitters, FGE this week revised down its global oil demand growth forecast to 1 million barrels per day (bpd) from 1.3 million bpd, in line with other recent downward corrections. The report also covers U.S. supply and use of sugar, meat, poultry eggs and milk, as well as Mexico’s supply and use of sugar. The report is released monthly, and provides annual forecasts for supply and use of U.S. and world wheat, rice, coarse grains, oilseeds, and cotton. The law of supply and demand primarily affects the oil industry by determining the price of the "black gold." Global oil consumption per capita is 5 barrels of oil (199 gallons) per person yearly (based on the 2016 world population of 7,464,022,049 people) or 0.5 gallons per capita per day. Oil Demand Has Collapsed; Won't Come Back Any Time Soon The pandemic massively reduced the world's consumption of oil. The second edition of the Palm Oil Supply and Demand Outlook Conference (POSDOC) series was slated for October 2020, but it had to be cancelled due to the resurgence of the COVID-19 virus infections across the world.