What is the pattern of global oil supply and demand?

The pattern of global oil supply and demand is characterized by fluctuations influenced by geopolitical events, economic growth, and technological advancements. Demand typically rises during periods of economic expansion, particularly in developing nations, while supply can be affected by OPEC production decisions, geopolitical tensions, and changes in extraction technology. Recently, there has been a growing emphasis on renewable energy sources, which may alter long-term demand patterns for oil. Overall, the balance between supply and demand is dynamic and continuously evolving in response to global economic conditions and environmental considerations.