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,…
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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…
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…
Activity Rises in Permian, Eagle Ford as U.S. Rig Count Climbs on Oil Drilling
Increased activity in the Permian Basin and Eagle Ford Shale helped push the U.S. rig count nine units higher to 512 during the week ended Friday (Sept. 17), according to the latest data from Baker Hughes Co. (BKR). A 10-rig increase in oil-directed drilling offset a one-rig decline in natural gas-directed rigs in the United…
IEA Sees Continued Oil Market Tightening as Inventories Well Below Five-Year Average
The International Energy Agency (IEA) expects continued tightening of the global oil market this month, driven by factors on both the supply and demand sides of the equation. In its latest monthly Oil Market Report, the global energy watchdog said it now expects global oil demand to rise by 5.2 million b/d this year, and…
Global Oil Consumption in 2022 Likely Above Pre-Covid Levels, Says OPEC
Global oil demand in 2022 is gathering pace to exceed pre-pandemic levels, the Organization of the Petroleum Exporting Countries (OPEC) said Monday. In its Monthly Oil Market Report, the cartel said the Covid-19 Delta variant put a crimp in forecasts for the second half of 2021. However, economic growth worldwide in 2021 and 2022 remains…
U.S. Petroleum Demand Tapers, Output Ticks Up; White House Calls for OPEC-Plus Production Hike
Demand for U.S. petroleum eased last week after strong summer gains overall, while domestic production inched up but held far below pre-pandemic levels. Stockpiles of U.S. crude decreased slightly, however, as imports also declined, the U.S. Energy Information Administration (EIA) said Wednesday. Commercial oil inventories in the week ended Aug. 6 — excluding those in…
Stockpiles of U.S. Crude Drop as Demand Mounts, Production Tapers
With output falling and demand rising, U.S. crude inventories resumed a downward trend last week, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. commercial oil inventories in the week ended July 23, excluding those in the Strategic Petroleum Reserve, decreased by 4.1 million bbl from the previous week. At 435.6 million bbl, U.S. crude…
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…
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…