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Bolstered by Rebound of Major Economies, Global Oil Demand to Surge, OPEC Says

Bolstered by Rebound of Major Economies, Global Oil Demand to Surge, OPEC Says

An acceleration in travel and economic activity should hasten the resurgence in global oil demand in the second half of 2021, cutting into supplies and justifying increased crude production, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday.  In its closely watched Monthly Oil Market Report, the Saudi-led cartel affirmed expectations it reported a…

June 11, 2021
Covid-19 Uncertainty Still Weighing on Oil Prices, Says World Bank

Covid-19 Uncertainty Still Weighing on Oil Prices, Says World Bank

Continued uncertainty around the Covid-19 pandemic has kept a lid on rallying oil prices, according to the World Bank. Though prices have been supported by continued production restraint by the Organization of the Petroleum Exporting Countries and their allies, aka OPEC-plus,“the pickup in oil prices has been partly dampened by uncertainty regarding the evolution of…

June 10, 2021
OPEC Sticking to Strong Global Oil Demand Outlook Through 2021

OPEC Sticking to Strong Global Oil Demand Outlook Through 2021

The Organization of Petroleum Exporting Countries (OPEC) on Tuesday held to its forecast for relatively robust oil demand in 2021, driven by expectations for increased economic activity and travel in the second half of the year. The cartel noted that coronavirus inoculation campaigns are gaining rapid momentum across North America, Europe and much of Asia.…

May 11, 2021
Devon CEO Urges Lower 48 E&Ps to Focus on Generating Cash, Limiting Oil, Gas Production

Devon CEO Urges Lower 48 E&Ps to Focus on Generating Cash, Limiting Oil, Gas Production

Devon Energy Corp. CEO Rick Muncrief said it’s time for his peers to get their act together and stop expanding oil and gas production until demand outpaces supply. Speaking with investors during a first quarter conference call on Wednesday, Muncrief took the pulpit to preach to fellow exploration and production (E&P) companies. Mirroring comments by…

May 5, 2021
As Temperatures Fall, Cash Prices Advance and May Natural Gas Futures Tread Water

As Temperatures Fall, Cash Prices Advance and May Natural Gas Futures Tread Water

Natural gas futures traded in the green much of Wednesday, lifted by colder weather trends that pointed to increased heating demand through the second half of April. Near-record liquefied natural gas (LNG) levels continued to provide price support as well. But a sixth-straight day of gains proved elusive as traders took profits late in the…

April 14, 2021
OPEC Raises Global Oil Demand Forecast as Mexico’s Pemex Set for Modest Production Uptick

OPEC Raises Global Oil Demand Forecast as Mexico’s Pemex Set for Modest Production Uptick

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday formally raised its expectations for global oil demand in 2021, citing expectations for a recovery from the pandemic and stronger economic growth. In its Monthly Oil Market Report (MOMR), the cartel projected demand would rise by 5.95 million b/d this year, a nearly 7% increase…

April 14, 2021
After Deciding to Boost Output, OPEC Lifts Forecast for Global Oil Demand

After Deciding to Boost Output, OPEC Lifts Forecast for Global Oil Demand

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday formally raised its expectations for global oil demand in 2021, citing expectations for a recovery from the pandemic and stronger economic growth. In its Monthly Oil Market Report (MOMR), the cartel projected demand would rise by 5.95 million b/d this year, a nearly 7% increase…

April 13, 2021
Subdued Production Should Support Oil, Natural Gas Prices in 2021, Moody’s Says

Subdued Production Should Support Oil, Natural Gas Prices in 2021, Moody’s Says

Though global oil supply is beginning to climb, it is rising gradually off of depressed levels and is not expected to exceed the anticipated demand recovery this year. The supply/demand balance should support crude prices near their current levels through 2021, though fluctuations are all but certain, Moody’s Investors Service said in a report this…

April 8, 2021
Brent to Average $65 in 2Q, Retreat to $61 in Second Half of 2021, EIA Says

Brent to Average $65 in 2Q, Retreat to $61 in Second Half of 2021, EIA Says

After rising $3/bbl in March on demand optimism, Brent crude oil prices are set to average $65.00 in the second quarter of 2021, according to updated projections from the U.S. Energy Information Administration (EIA). Brent rose to $65.00 in March amid expectations for oil demand to grow on higher Covid-19 vaccination rates and increased global…

April 7, 2021
Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production

Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to ramp up crude production in anticipation of increased demand. The shift comes despite elevated uncertainty about the coronavirus pandemic and its still festering impacts on global travel and economic activity. Saudi Arabia-led OPEC and an allied group of leading…

April 1, 2021
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