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…
Opec-Plus
Articles from Opec-Plus
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…
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…
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…
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…
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…
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…
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…
OPEC-Plus Debating Modest Bump in Crude Output Through 2021
The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, debated on Thursday a proposal to further boost crude oil production, anticipating steadily increasing demand for travel fuels in the second half of 2021. Citing successful vaccination efforts and economic momentum in leading countries such as the United States and China, the Saudi…
With Travel Rebounding and Oil Demand Climbing, OPEC-Plus on Cusp of Output Increase
The Organization of the Petroleum Exporting Countries and its oil-producing allies, aka OPEC-plus, are poised to boost production again in August to meet mounting demand and offset flat output among cost-conscious U.S. shale producers. OPEC researchers said they expect that, absent production increases, demand will outstrip supply by 1.5 million b/d in August and widen…