Oil demand and prices are unlikely to return to pre-Covid levels until 2022 or 2023, according to the latest quarterly energy survey conducted by the Federal Reserve Bank of Kansas City. The Kansas City Fed, as it is known, every quarter surveys current and expected energy activity across the Midcontinent, as well as expectations for…
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U.S. Oil Exports Decline Amid Pandemic, Demand Destruction, EIA Says
After setting a record in February, U.S. oil exports declined over four consecutive months amid the shocks of the coronavirus pandemic, the U.S. Energy Information Administration (EIA) said. Demand dropped in March and in the three ensuing months as countries across the globe initiated measures to limit virus outbreaks. With travel and overall activity limited,…
September 22, 2020
OPEC Reduces Oil Demand Forecast into 2021 from Covid-19’s Lingering Impacts
The Covid-19 pandemic’s crushing impact to energy demand and prices has led the Organization of the Petroleum Exporting Countries, aka OPEC, to again reduce its forecast for oil into 2020. The International Energy Agency (IEA) on Tuesday also reduced for the second consecutive month its outlook for oil demand. IEA also warned that Covid-19 may…
September 15, 2020
Global Oil Demand Seen Leveling Off at 92-95 Million b/d Until Pandemic Contained
Although global oil demand has come roaring back to about 89% of pre-coronavirus levels, it is expected to plateau around 92-95 million b/d, or 92-95% of pre-Covid levels through the first quarter of 2021, according to a new analysis by IHS Markit. “The meteoric rise of world oil demand from the lowest lows of the…
August 25, 2020
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