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…
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Surging Coronavirus Cases Expected to Slow Global Oil Demand
Rising coronavirus cases driven by the new Omicron variant are expected to curb but not derail a global recovery in oil demand, the International Energy Agency (IEA) said Tuesday in its latest Oil Market Report for December. IEA noted that cases are climbing across many regions of the world in the wake of Omicron outbreaks…
Raymond James Looks Past Omicron, Raises Oil Price Forecast
Despite fears about the Omicron variant of the coronavirus and rising global oil output, Raymond James Financial Inc. analysts are increasingly optimistic about strong crude prices through 2023. “Our bullish oil view over the next few years not only remains firm, but we’re actually increasing our long-term price forecast,” the analysts, John Freeman and Justin…
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…
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…
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.…
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…
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…
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…
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…