Cardinal Energy Ltd (Alberta) T.CJ

OPEC and IEA Oil Demand Views Are A World Apart

[Quintessential1]

It is not "a world apart" it is less than 1% but whatever.  

However

OPEC May Have Overestimated 2024 Demand Growth

For this year’s oil demand growth, it looks like OPEC may have been overly optimistic when it pinned its hopes on China to drive more than 2-million-bpd growth when it published its first assessment for 2024 in July 2023.

A year later, in August 2024, OPEC revised down – for the first time – its 2024 demand growth estimate on the back of underwhelming data so far this year and expectations of softening Chinese demand growth.

Now growth is growth and down is down so where is oil supposed to be trading?
My guess is higher but the market is the market and it doesn't care what I think.

Now what I know is that if you are getting less than what you need to make a profit for your oil you need to lower costs.  SAGD will do that.  So if oil keeps trading low SAGD wins and if oil goes up SAGD wins more.

CJ is paying me to wait and see which it is.  Win or win more.

GLTA
 https://oilprice.com/Energy/Crude-Oil/OPEC-and-IEA-Oil-Demand-Views-Are-A-World-Apart.html

[VeritasVern]

OPEC lowered slightly their oil price forecast below what was $100 but the rumor that they are considering uping production is a deliberate false narative. Because they are the glue that holds OPEC together and if they raise production so does all the other OPEC producers. End result is less income for everyone despite higher output. SAGD is a ways off before production and there is still

[Quintessential1]

Demand forecast not price forecast.  Others set the price based on demand. OPEC lowered slightly their oil price forecast below what was $100 but the rumor that they are considering uping production is a deliberate false narative. Because they are the glue that holds OPEC together  OPEC is the glue that holds OPEC together? SAGD is the only way forward.  If oil prices continue

[VeritasVern]

Umm in case you are having difficulty following the conversation, the story was about Saudi increasing production---remember?. They are the glue that holds opec together and if they raise production, then everyone in opec does. Not exactly the scenario that helps them. But tell us how shutting in Golf of Mexico rigs is a wash again?? That was classic. But the point was and is that the Saudi story

[Quintessential1]

At no point in this thread was Saudi Oil production mentioned. GLTA