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U.S. Crude Output Reaches ‘21 Peak; Focus Shifts to OPEC-Plus Production

U.S. Crude Output Reaches ‘21 Peak; Focus Shifts to OPEC-Plus Production

Domestic oil production reached a 2021 high last week as demand waned in the face of lofty prices, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ended Nov. 26 rose to 11.6 million b/d, up 100,000 b/d from the prior week and far ahead of the 11.1 million b/d a year…

December 1, 2021
Biden Orders Release of Oil Reserves in Concert With Other Countries to Curb Price Inflation

Biden Orders Release of Oil Reserves in Concert With Other Countries to Curb Price Inflation

With gasoline prices recently hovering near multi-year highs and crude production lagging demand in 2021, President Biden on Tuesday said his administration would tap the Strategic Petroleum Reserve (SPR) as part of a broader international move to boost supply and curb costs at the pump. The United States is coordinating the release along with similar…

November 23, 2021
Domestic Crude Inventories Fall as Demand Jumps; Biden Calls for More Output, Attacks Energy Producers

Domestic Crude Inventories Fall as Demand Jumps; Biden Calls for More Output, Attacks Energy Producers

U.S. oil stocks fell for the first time in four weeks as Americans shrugged off lofty prices and demand rose, the U.S. Energy Information Administration (EIA) said Wednesday. EIA said crude inventories for the week ended Nov. 12, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 2.1 million bbl from the previous week.…

November 17, 2021
Increased U.S. Crude Output, ‘New Covid Waves’ Could Balance Market, Curb Prices

Increased U.S. Crude Output, ‘New Covid Waves’ Could Balance Market, Curb Prices

Rising U.S. production – and expectations for more to the end of the year – could soon balance supply/demand and curb soaring oil prices, the International Energy Agency (IEA) said Tuesday in its closely watched monthly Oil Market Report. The global energy watchdog said it now expects crude output to jump by 1.5 million b/d…

November 16, 2021
Domestic Oil Stocks Gain Ground as Production Ticks Up; OPEC-Plus Weighs Output Bump

Domestic Oil Stocks Gain Ground as Production Ticks Up; OPEC-Plus Weighs Output Bump

U.S. crude inventories increased last week as producers boosted supplies and demand only nudged ahead amid lofty fuel prices that kept consumption in check, albeit at solid levels. It marked the second consecutive weekly increase in stockpiles.  The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 29, excluding those…

November 3, 2021
OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong

OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong

While strong, consumption of oil proved uneven through the first nine months of 2021, interrupted by outbreaks of the coronavirus Delta variant. This led the world’s largest cartel of crude producers to downgrade its demand outlook for the full year. The Organization of the Petroleum Exporting Countries (OPEC), however, said Wednesday that lofty natural gas…

October 13, 2021
Oil, Gas to Continue Growing to Meet Rising Global Energy Demand Through 2050, Says EIA

Oil, Gas to Continue Growing to Meet Rising Global Energy Demand Through 2050, Says EIA

Under current policies, oil and natural gas production will continue growing through 2050 amid rising global energy consumption driven by developing Asian economies, according to the latest long-term projections from the U.S. Energy Information Administration (EIA). In its International Energy Outlook 2021(IEO2021) report published Wednesday, the agency predicted a nearly 50% increase in global energy…

October 6, 2021
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
OPEC Says More Energy Sector Investment Needed; Oil Dominance to Hold Through 2045

OPEC Says More Energy Sector Investment Needed; Oil Dominance to Hold Through 2045

Already falling short of projected demand growth, a lack of investment in the oil industry threatens to lead to further volatility and a future energy shortfall, according to the Organization of the Petroleum Exporting Countries (OPEC). In its 15th Annual World Oil Outlook (WOO) released Tuesday, the Saudi-led cartel said underinvestment remained one of the…

September 29, 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
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