Opec-Plus

U.S. Crude Inventories Mount as Prices Surge and Petroleum Demand Tapers

U.S. Crude Inventories Mount as Prices Surge and Petroleum Demand Tapers

Domestic oil stocks increased for a third consecutive week as demand for petroleum products, including gasoline and jet fuel, declined in tandem with soaring prices.   The U.S. Energy Information Administration (EIA) said Thursday oil inventories for the week ended Oct. 8, excluding those in the Strategic Petroleum Reserve, increased by 6.1 million bbl from the…

October 14, 2021
Activity Rises in Permian, Eagle Ford as U.S. Rig Count Climbs on Oil Drilling

Activity Rises in Permian, Eagle Ford as U.S. Rig Count Climbs on Oil Drilling

Increased activity in the Permian Basin and Eagle Ford Shale helped push the U.S. rig count nine units higher to 512 during the week ended Friday (Sept. 17), according to the latest data from Baker Hughes Co. (BKR). A 10-rig increase in oil-directed drilling offset a one-rig decline in natural gas-directed rigs in the United…

September 17, 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
Delta Variant Pressuring Oil Demand, Possibly Hampering U.S. Natural Gas

Delta Variant Pressuring Oil Demand, Possibly Hampering U.S. Natural Gas

The Covid-19 Delta variant could dampen global oil demand and threaten U.S. natural gas activity if the rapid spread of the virus continues into the fall. In the United States, overall case totals and hospitalizations remain lower than the highs reached last winter before vaccine campaigns were widespread. However, reported infections are on the rise…

August 24, 2021
Strong Week for Eagle Ford, Williston Sends U.S. Rig Count Sharply Higher

Strong Week for Eagle Ford, Williston Sends U.S. Rig Count Sharply Higher

The Eagle Ford Shale and Williston Basin led a surge in U.S. onshore drilling activity during the week ended Friday as the domestic rig count rose nine units to an even 500, according to the latest figures from Baker Hughes Co. (BKR). Ten oil-directed rigs were added in the United States for the week, offsetting…

August 13, 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
With Demand Rebounding, OPEC-Plus Reaches Deal to Lift Crude Production Through 2021, into 2022

With Demand Rebounding, OPEC-Plus Reaches Deal to Lift Crude Production Through 2021, into 2022

The Organization of the Petroleum Exporting Countries and its allied group of leading oil producers headed by Russia, aka OPEC-plus, on Sunday reached a deal to further boost production through the end of the year and into 2022. The member countries, led by Saudi Arabia, committed to bringing back all the crude supply they had…

July 19, 2021
OPEC Forecasts Ongoing Oil Demand Increases in 2022 as World Emerges from Pandemic

OPEC Forecasts Ongoing Oil Demand Increases in 2022 as World Emerges from Pandemic

In its first detailed estimates for 2022, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday global crude demand would increase through next year as coronavirus vaccination efforts expand and consumption of travel fuel mounts. In its closely watched Monthly Oil Market report, OPEC said demand next year would increase by 3.3 million b/d…

July 15, 2021
U.S. Crude Inventories Fall Further, Setting 2021 Low as Petroleum Demand Mounts

U.S. Crude Inventories Fall Further, Setting 2021 Low as Petroleum Demand Mounts

As both domestic and global demand for travel fuels derived from oil builds, domestic crude inventories dropped substantially for a third straight week, the U.S. Energy Information Administration (EIA) said Wednesday. Excluding those in the Strategic Petroleum Reserve, domestic oil inventories for the week ended July 2 decreased by 6.9 million bbl from the previous…

July 8, 2021
OPEC-Plus Shelves Plan to Boost Crude Output, Leaving Global Oil Markets in Limbo

OPEC-Plus Shelves Plan to Boost Crude Output, Leaving Global Oil Markets in Limbo

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, scrapped plans to restart production talks this week after meetings held before the July 4 holiday failed to reach a deal on output policy. The cartel did not set a date to resume talks, leaving the group with no plan for increased production…

July 6, 2021
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