Oil demand

OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

Citing rising global energy needs, the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday affirmed a plan to increase crude production through November. The cartel stopped short of further boosting output levels, however, a decision that fueled supply concerns and sent oil futures to seven-year highs. OPEC, led by Saudi Arabia,…

October 4, 2021
Chinese NOCs Plan Drilling Splurge to Increase Domestic Natural Gas, Oil Output

Chinese NOCs Plan Drilling Splurge to Increase Domestic Natural Gas, Oil Output

Drilling activity in China is expected to intensify over the next five years as the nation’s producers are under pressure to boost domestic natural gas and oil production and reduce reliance on imports. According to a recent report by Rystad Energy, China’s top three national oil companies (NOCs) are expected to spend about $123 billion…

September 27, 2021
Pemex Fire, Hurricane Ida Dent OPEC Supply Forecast as Oil Demand Gathers Momentum

Pemex Fire, Hurricane Ida Dent OPEC Supply Forecast as Oil Demand Gathers Momentum

Two events in the Gulf of Mexico have dented the latest 2021 supply forecast by the Organization of the Petroleum Exporting Countries (OPEC). In the cartel’s latest Monthly Oil Market Report (MOMR), oil supply outside of the OPEC countries for 2021 was revised lower by 0.17 million b/d from the previous forecast because of a…

September 20, 2021
Global Refined Product Demand Seen Peaking in 2036 as Energy Transition Accelerates

Global Refined Product Demand Seen Peaking in 2036 as Energy Transition Accelerates

Global demand for refined products is expected to peak in 2036 and then decline by 2050 lower than 2019 levels, according to a new forecast by IHS Markit. From 2021 to its 2036 peak, total refined product demand is expected to grow by nearly 9 million b/d. Refined products include production from refineries, such as…

September 14, 2021
Global Oil Consumption in 2022 Likely Above Pre-Covid Levels, Says OPEC

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
Ida Cripples U.S. Petroleum Production and Curbs Demand, EIA Confirms

Ida Cripples U.S. Petroleum Production and Curbs Demand, EIA Confirms

After Hurricane Ida crashed ashore in Louisiana late last month, it left in its wake massive oil production cuts as companies struggled to restart offshore platforms amid damage, flooding and power outages, the latest U.S. Energy Information Administration (EIA) inventory report showed. Production for the week ended Sept. 3 dropped to 10.0 million b/d from…

September 9, 2021
U.S. Petroleum Demand Reaches 2021 High; OPEC-Plus Sticks with Production Increases

U.S. Petroleum Demand Reaches 2021 High; OPEC-Plus Sticks with Production Increases

Demand for U.S. petroleum products climbed while production only inched ahead last week, the Energy Information Administration (EIA) said. The result: A large drop in domestic oil inventories that left stocks well below historic averages. To be sure, fallout from Hurricane Ida and ongoing impacts of the coronavirus Delta variant add wrinkles for the weeks…

September 1, 2021
U.S. Petroleum Consumption Mounts, but Delta Variant Threat Looms Large

U.S. Petroleum Consumption Mounts, but Delta Variant Threat Looms Large

Domestic crude production held steady while demand for U.S. petroleum continued to rise last week, alongside increased summer travel and greater consumption of motor gasoline, the U.S. Energy Information Administration (EIA) said. The fast-spreading Delta variant of the coronavirus presents increasing risk to Americans’ mobility – risk that could once again diminish demand for travel…

August 26, 2021
U.S. Petroleum Demand Holds Strong, as Crude Production Flattens, EIA Says

U.S. Petroleum Demand Holds Strong, as Crude Production Flattens, EIA Says

Demand for U.S. petroleum increased last week, while production held well below pre-pandemic levels and continued a summer-long trend, the U.S. Energy Information Administration (EIA) said Wednesday.  Meanwhile, U.S. commercial oil inventories in the week ended July 30 — excluding those in the Strategic Petroleum Reserve – increased by 3.6 million bbl from the previous…

August 5, 2021
WTI Oil Price to Average $75 in 2022 and Remain Elevated for Years, Raymond James Predicts

WTI Oil Price to Average $75 in 2022 and Remain Elevated for Years, Raymond James Predicts

With demand mounting and global supply in catch-up mode, oil prices are likely to climb in the second half of 2021 and hold strong for several years, as economies around the world recover from the coronavirus pandemic and drive up energy needs, analysts at Raymond James & Associates Inc. said Monday. The analysts, including John…

August 2, 2021