Oil Daily | Global Oil Consumption Hits Record High in 2024 Amid Middle East Supply Risks

【Oil-Producing Countries Dynamics】

Slovakia is considering suspending electricity deliveries to Ukraine following President Zelensky's stance on not extending a gas transit deal with Russia's Gazprom. The Slovakian president, Robert Fico, warned of potential economic losses and called for EU intervention. Ukraine accuses Slovakia of opening an "energy front," which Slovakia denies.

The Moldovan region of Transnistria has begun reducing gas supplies due to the expiration of a gas transit deal between Russia and Ukraine. Moldova accuses Russia of using energy as leverage, while Gazprom cites unpaid debts as the reason for suspending deliveries. Moldova seeks alternative routes as tensions persist.

【Global Oil Supply and Demand】

Global oil consumption reached an all-time high in 2024, despite weak demand from China. Expectations are for improved economic data in China and supportive lower interest rates in the U.S. in 2025. However, supply risks in the Middle East may pose potential disruptions, particularly concerning the Houthis' threats to Saudi Arabia.