the chairman of the board of directors of Iran Central Oil Fields Company (ICOFC) estimated the amount of capital required for the development of oil and gas fields and pressure boosting stations of the company

Global oil consumption and other liquids hit a record high last year and is forecast to increase further in both 2024 and 2025, but that does not necessarily mean prices must rise to ensure demand is met.

Worldwide consumption averaged 101.1 million barrels per day (b/d) in 2023, narrowly beating the pre-pandemic record of 101.0 million b/d in 2019, according to the U.S. Energy Information Administration (EIA), reported by Reuters.

Consumption is forecast to rise to an average of 102.5 million b/d in 2024 and 103.7 million b/d in 2025, the agency said, giving its first forecast for next year (“Short-term energy outlook”, EIA, January 9, 2024).

Some senior OPEC+ officials have repeated the traditional argument that prices much be high enough to encourage investment and ensure security of supply.

But consumption has trended upwards for more than a century, establishing a new high most years, including in 29 of the 41 years between 1980 and 2021.

Petroleum producers are likely to be able to satisfy growth on the forecast scale without putting too much upward pressure on prices: