Domestic crude output stalled last week at a level below the 2022 peak – and far lower than the pre-pandemic high – while the Kremlin’s erratic dictator threatened nuclear weapon retaliation amid the war in Ukraine. Russian President Vladimir Putin amplified already elevated uncertainty about his country’s fragile role on the world’s energy stage. Brent…
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Global Oil Consumption in 2022 Likely Above Pre-Covid Levels, Says OPEC
Global oil demand in 2022 is gathering pace to exceed pre-pandemic levels, the Organization of the Petroleum Exporting Countries (OPEC) said Monday. In its Monthly Oil Market Report, the cartel said the Covid-19 Delta variant put a crimp in forecasts for the second half of 2021. However, economic growth worldwide in 2021 and 2022 remains…
September 13, 2021
After Lull, U.S. Petroleum Demand Jumps and Stockpiles Dwindle
Demand for U.S. petroleum spiked last week as consumption of gasoline and jet fuel jumped alongside a fading pandemic and increased travel. The U.S. Energy Information Administration (EIA) said Wednesday that demand during the week ended June 11 increased 16% week/week, with gasoline demand up 10%, jet fuel consumption ahead 22%, and demand for distillate…
June 17, 2021
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