Page 232 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - SEPT 2025

Commodities
Wet CRUDE OIL mb/d. Yet the seasonality in crude runs to

cargoes IEA: The lowest rate of global oil demand meet Northern Hemisphere summer travel
demand is boosting refinery throughputs
growth since 2009 by 3.7 mb/d from May to August. The typ-
In its July Oil Market Report, the Interna- ical doubling in crude burning for power
tional Energy Agency (IEA) projects global generation over the same period, to around
oil demand growth to increase by 700 kb/d 900 kb/d, further tightens the market.
in 2025, its lowest rate since 2009, with
the exception of 2020, which was owed Τhe largest conventional hydrocarbon
to the COVID-19 pandemic. Annual growth field yet discovered in Poland
eased from 1.1 mb/d in 1Q25 to just 550 Central European Petroleum (CEP) has
kb/d in 2Q25, with emerging market con- made a significant oil discovery (33.4 API
sumption particularly lacklustre. Global oil) at its 100% owned and operated Wolin
oil demand is projected to expand by 720 East 1 (WE1) well, located in the Baltic Sea
kb/d to reach 104.4 mb/d in 2026. approximately 6 km offshore from the city
Global oil supply increased by a steep of Świnoujście.
950 kb/d m/m to 105.6 mb/d in June, led The WE1 well was drilled using a jack-up
by Saudi Arabia. Output was up by 2.9 rig in waters 9.5 meters deep and reached
mb/d y/y, of which OPEC+ accounted for a vertical depth of 2,715 meters. Tests
1.9 mb/d. With higher OPEC+ targets for confirmed the presence of a 62-meter
August, world oil supply is projected to rise hydrocarbon column and excellent reser-
by 2.1 mb/d to 105.1 mb/d this year and by voir properties for oil and gas production
an additional 1.3 mb/d in 2026, with non- in the Main Dolomite geological formation.
OPEC+ adding 1.4 mb/d and 940 kb/d, The Wolin East oil discovery is estimated
respectively. to contain mean recoverable oil, sales gas,
These large supply increases compare and natural gas liquids totalling 200 million
with modest expected growth in global barrels of oil equivalent (mmboe).
oil demand of around 700 kb/d in 2025 There is also significant further low-risk
and 720 kb/d in 2026, reaching 104.4 exploration, appraisal, and secondary

230 NX