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Employment in core shale-related industries decreased from 2020 to 2021. Overall employment in the core industries shrank 8.4%, a loss of 796 jobs. Oil and gas pipeline construction led the losses, shedding 548 jobs; support activities for oil and gas operations lost 226 jobs over the year.
- Global oil demand is set to return to pre-pandemic levels by the end of 2022, rising 5.4 mb/d in 2021 and a further 3.1 mb/d next year. The OECD accounts for 1.3 mb/d of 2022 growth while non-OECD countries contribute 1.8 mb/d.
- World oil supply is expected to grow at a faster rate in 2022, with the US driving gains of 1.6 mb/d from producers outside the OPEC+ alliance. That leaves room for OPEC+ to boost crude oil production by 1.4 mb/d above its July 2021-March 2022 target to meet demand growth.
- Global refinery throughput in 2021 is expected to recover half of the 7.4 mb/d fall in 2020, lagging behind demand growth for refined products as surplus inventories are drawn down.
- OECD industry stocks held relatively steady in April, at 2 926 mb, but fell 1.6 mb below the pre-Covid 2015-19 average for the first time in more than a year.
World oil supply is set to rise 1.5 mb/d over November and December, with the US providing 400 kb/d of the gain. Saudi and Russia combined would account for 330 kb/d in line with OPEC+ targets. Total oil supply had already leapt 1.4 mb/d m-o-m in October after the US rebounded from Hurricane Ida.
Oil demand in 2021 is forecast to reach 96.7 mb/d, an increase of 5.7 mb/d from 2020. Despite weaker-than-expected data for 1Q21, annual growth has been revised up by 230 kb/d on average to take account of better economic forecasts and robust prompt indicators.
Nov 18, 2021 · By. Peter Krouse, cleveland.com. CLEVELAND, Ohio - Oil prices have shot up in the past year with a barrel of Brent crude averaging $84 in October, more than double the average price in October...
May 12, 2021 · Highlights. Global oil consumption is now forecast to rise by 5.4 mb/d in 2021, 270 kb/d lower than in our previous Report. Europe and OECD Americas have been revised down by 320 kb/d and 515 kb/d respectively in 1Q21, while India’s Covid crisis led us to downgrade its demand in 2Q21 by 630 kb/d.
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Global oil demand is now forecast to rise by 5.5 mb/d in 2021 and 3.3 mb/d in 2022 when it reaches 99.6 mb/d, slightly above pre-Covid levels. World oil supply has resumed its uptrend as OPEC+ continues to unwind cuts, the US bounces back from Hurricane Ida and maintenance winds down.
