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U.S. Crude Production Flat Amid Global Supply Worries; OPEC-Plus on Deck

U.S. Crude Production Flat Amid Global Supply Worries; OPEC-Plus on Deck

American oil producers were active by 2022 standards last week. However, total output held flat for the third straight period and remained far below pre-pandemic levels, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ending April 29 totaled 11.9 million b/d, according to EIA. That was on par with the high…

May 4, 2022
Crude Prices Seesaw as Covid Surges, Strategic Oil Releases Loom, OPEC Cuts Forecasts in War’s Wake

Crude Prices Seesaw as Covid Surges, Strategic Oil Releases Loom, OPEC Cuts Forecasts in War’s Wake

Russia’s war in Ukraine threatens global crude supplies, but a resurgence of the coronavirus in China is curbing demand as the United States and other countries prepare to release oil from strategic reserves. The result: volatile prices. Brent crude prices on Tuesday climbed more than 6% to about $104/bbl intraday following OPEC Secretary General Mohammad…

April 12, 2022
Russia’s Invasion of Ukraine Upends OPEC’s Oil Demand Forecast; Dallas Fed Sees Uncertainty

Russia’s Invasion of Ukraine Upends OPEC’s Oil Demand Forecast; Dallas Fed Sees Uncertainty

Global oil demand this year was tracking to a strong recovery, fueled by demand in goods and services, but the Russian incursion into Ukraine has upended all forecasts and there is no clarity in the near term, according to energy experts.  In OPEC’s Monthly Oil Market Report (MOMR) issued Tuesday, the Saudi-led cartel noted that…

March 15, 2022
U.S. Oil Output Flat; OPEC-Plus Sticks to Modest Production Plan Even as Ukraine War Rages

U.S. Oil Output Flat; OPEC-Plus Sticks to Modest Production Plan Even as Ukraine War Rages

Despite solid demand and a raging war in Ukraine that could disrupt global supply, U.S. crude producers held the line on output in the final week of February – as they did throughout the month, the Energy Information Administration (EIA) said Wednesday. Production last week was flat with the three prior weeks at 11.6 million…

March 2, 2022
Domestic Crude Production Flat Even as Demand Continues Steady Upward Climb

Domestic Crude Production Flat Even as Demand Continues Steady Upward Climb

U.S. petroleum demand continued to march higher last week and production held steady, leaving crude stockpiles far below historic averages, the Energy Information Administration (EIA) said Wednesday. Demand rose 4% week/week to average 22.7 million b/d during the week ended Feb. 11, according to the U.S. Energy Information Administration (EIA). The advance was aided by…

February 16, 2022
OPEC Says Crude Demand Surges Amid ‘Dissipating Fears’ About Omicron

OPEC Says Crude Demand Surges Amid ‘Dissipating Fears’ About Omicron

OPEC said Thursday worries about the Omicron variant of the coronavirus are steadily fading while the global economy heats up, supporting mounting oil demand that could soon surpass the cartel’s expectations reported only weeks earlier. At the same time, needed supply increases are in the works but gathering momentum more slowly than hoped, OPEC said,…

February 10, 2022
As Global Demand Climbs, Is $100 Oil High Enough?

As Global Demand Climbs, Is $100 Oil High Enough?

With demand rising in the United States and forecasts calling for robust increases in crude consumption globally through 2022, more analysts are betting that oil prices this year could exceed $100/bbl. Bank of America (BofA) and Morgan Stanley analysts both said they expect Brent crude, the international benchmark, to reach triple digits in 2022, as…

January 24, 2022
With Demand Strong and Worst Omicron Fears Eased, a Path Clears for $100 Oil in 2022

With Demand Strong and Worst Omicron Fears Eased, a Path Clears for $100 Oil in 2022

With global benchmark oil prices already hovering around $80/bbl on strong demand early in the year — despite a surge in coronavirus cases — analysts said consumption could reach record levels this year and potentially drive the cost of crude into the triple digits.

January 11, 2022
OPEC-Plus Agrees to Ramp Up Oil Output Despite Omicron

OPEC-Plus Agrees to Ramp Up Oil Output Despite Omicron

A coalition of major oil producing countries agreed on Tuesday to further boost output to meet expectations for strong demand, despite concerns about the rapidly spreading Omicron variant of the coronavirus. Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said…

January 5, 2022
OPEC-Plus Shrugs Off Omicron, Moves to Pump More Oil

OPEC-Plus Shrugs Off Omicron, Moves to Pump More Oil

A coalition of major oil producing countries agreed on Tuesday to further boost output to meet expectations for strong demand, despite concerns about the rapidly spreading Omicron variant of the coronavirus. Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said…

January 4, 2022
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