Oil demand

U.S. Crude Production Flat, Demand Up as Summer Travel Season Gets Underway

U.S. Crude Production Flat, Demand Up as Summer Travel Season Gets Underway

American oil producers held the line on output last week, while demand climbed and global supply worries intensified. The U.S. Energy Information Administration (EIA) said Thursday output was flat at 11.9 million b/d for the week ended June 3. It marked the fourth straight week in which production was held at that level. While that…

June 8, 2022
With Oil Production Flat, U.S. Inventories Drop; OPEC-Plus to Ramp Up Output

With Oil Production Flat, U.S. Inventories Drop; OPEC-Plus to Ramp Up Output

U.S. crude production held even for a third consecutive week as global supply concerns intensified amid sanctions against Russia’s energy complex, the U.S. Energy Information Administration (EIA) said Thursday. EIA said oil inventories for the week ended May 27, excluding those in the Strategic Petroleum Reserve, dropped by 5.1 million bbl from the previous week.…

June 2, 2022
Recessionary Headwinds Gather Force, Possibly Curtailing Natural Gas, Oil Demand

Recessionary Headwinds Gather Force, Possibly Curtailing Natural Gas, Oil Demand

Fresh global recession fears have emerged amid intensifying inflation, rising interest rates and the specter of new pandemic-driven lockdowns in China that could further disrupt supply chains. A downturn could diminish demand for oil and natural gas after a robust start to 2022 fueled energy market rallies. Most recently, Chinese officials in Beijing on Monday…

April 26, 2022
U.S. Oil Production Holds at 2022 High; IEA Says Covid Cuts Global Demand Outlook

U.S. Oil Production Holds at 2022 High; IEA Says Covid Cuts Global Demand Outlook

Demand for petroleum products dropped last week amid lofty prices while U.S. producers held output at the highest level so far in 2022, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. production for the week ended April 8 held even with the prior week at 11.8 million b/d — after hovering around 11.6 million…

April 14, 2022
U.S. Crude Producers Hold the Line on Supplies; Russian Aggression Clouds Outlook

U.S. Crude Producers Hold the Line on Supplies; Russian Aggression Clouds Outlook

U.S. producers kept output flat amid commitments to discipline and rapidly evolving geopolitical tensions that reached new heights Thursday with Russia’s invasion of Ukraine. Domestic production for the week ended Feb. 19 was flat with the two prior weeks and most of 2022 at 11.6 million b/d, the U.S. Energy Information Administration reported Thursday. While…

February 24, 2022
Oil Demand Possibly at Record Levels in 2022, IEA Says

Oil Demand Possibly at Record Levels in 2022, IEA Says

Oil consumption could surge more than previously expected and reach record levels this year, a global energy watchdog said, as restrictions to combat the coronavirus ease faster than anticipated, global economic growth mounts and pent-up travel demand unfurls. The International Energy Agency (IEA), in its monthly oil outlook report on Friday, projected global oil demand…

February 14, 2022
IEA Boosts 2022 Crude Demand Forecast, Says Consumption Could Reach Record Level

IEA Boosts 2022 Crude Demand Forecast, Says Consumption Could Reach Record Level

Oil consumption could surge more than previously expected and reach record levels this year, a global energy watchdog said, as restrictions to combat the coronavirus ease faster than anticipated, global economic growth mounts and pent-up travel demand unfurls. The International Energy Agency (IEA), in its monthly oil outlook report on Friday, projected global oil demand…

February 11, 2022
Major Surge in Oil Drilling Domestically as Global Demand Outlook Strong

Major Surge in Oil Drilling Domestically as Global Demand Outlook Strong

A major increase in oil-directed drilling, especially in Texas, propelled a 22-rig surge in the U.S. rig count during the week ended Friday (Feb. 11), lifting the overall domestic tally to 635, the latest numbers from Baker Hughes Co. (BKR) show. Including gains of 19 oil-directed rigs, two natural gas-directed rigs and one miscellaneous unit,…

February 11, 2022
OPEC Says Crude Demand Surges Amid ‘Dissipating Fears’ About Omicron

OPEC Says Crude Demand Surges Amid ‘Dissipating Fears’ About Omicron

OPEC said Thursday worries about the Omicron variant of the coronavirus are steadily fading while the global economy heats up, supporting mounting oil demand that could soon surpass the cartel’s expectations reported only weeks earlier. At the same time, needed supply increases are in the works but gathering momentum more slowly than hoped, OPEC said,…

February 10, 2022
U.S. Crude Demand Tapers Amid Massive Winter Storm, but Rebound Expected

U.S. Crude Demand Tapers Amid Massive Winter Storm, but Rebound Expected

U.S. oil consumption in the final stretch of January dipped lower week/week as harsh winter weather in the eastern stretches of the country imposed travel delays. Production crept lower in tandem, the U.S. Energy Information Administration (EIA) said Wednesday. A fierce winter storm pummeled major markets across the Northeast late last week with crippling snowfall…

February 3, 2022
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