Oil Daily | OPEC Lowers Demand Forecast Amid Rising OPEC Output; U.S. Pushes for Energy Independence

【Global Oil Supply and Demand】

OPEC revised down its global oil demand growth forecast to 1.82 million barrels daily for the year, citing tight supply and fluctuating demand. Analysts predict a potential market surplus by 2025 due to slowing demand growth and robust non-OPEC supply. China's economic policies remain a significant factor affecting demand outlook.

【Oil-Producing Countries Dynamics】

Libya's oil production rebounded substantially, contributing to a 466,000 barrels per day increase in total OPEC output for October. Meanwhile, Iran's production decreased amid regional tensions. OPEC plans to reverse production cuts in January 2025.

【Latest Oil Policies】

The American Petroleum Institute has proposed a "5 Point Policy Roadmap" to enhance U.S. energy independence. This includes regulatory reforms to expedite oil, gas, and LNG projects, aligning with Trump's energy agenda. The Norwegian government aims to acquire full ownership of its gas export network, considering it a national asset.

【Industry News】

India's government advised states lacking coal resources to develop nuclear power, aiming to increase its nuclear generation capacity from 8 GW to 20 GW. This move is part of a broader Asian nuclear renaissance, where India, following China, is expanding nuclear power significantly.

【Company News】

NTPC Green is set to launch a significant IPO, aligning with India's energy transition goals. Exxon Mobil plans to sell its conventional oil assets in the Permian Basin to Hilcorp Energy for $1 billion, focusing on high-margin shale plays. Aethon Energy Management is exploring strategic options for its $10 billion natural gas assets, considering a sale or IPO.

A Dutch court of appeal overturned a ruling that obliged Shell to cut emissions by 45% by 2030. The decision was welcomed by Shell but criticized by environmental groups. Shell argued that reducing emissions would not affect overall demand, as customers would turn elsewhere.

【Others】

India aims to become a refining hub in Asia, expanding its refining capacity to meet growing domestic fuel demand. The country is projected to drive 35% of global energy demand growth over the next 20 years, according to Indian Petroleum Minister Hardeep Singh Puri.