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- The U.S. Energy Information Administration (EIA) has increased its Brent spot average price forecasts for 2021 and 2022, its October short term energy outlook (STEO) has revealed. The EIA now sees Brent spot prices averaging $71.38 per barrel in 2021 and $71.91 per barrel in 2022.
www.rigzone.com/news/usa_eia_bumps_up_oil_price_forecast-14-oct-2021-166723-article/
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Sep 15, 2021 · Brent oil rose advanced $1.86, or 2.5%, to settle at $75.46 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed $2.15, or 3.05%, to settle at $72.61 per barrel. Brent hit its...
Jul 8, 2021 · In the July Short-Term Energy Outlook (STEO), we forecast the Brent crude oil price will average $72 per barrel (b) in the second half of 2021 (2H21) and $67/b in 2022, both $6/b higher than in the June STEO forecast.
Jan 5, 2022 · U.S. crude oil production is expected to have dropped by 100,000 bpd in 2021 compared to 2020 and by 1.1 million bpd compared to the record output in 2019, according to estimates in the...
Jan 4, 2022 · According to our December 2021 Short-Term Energy Outlook (STEO) estimates, U.S. crude oil production in 2021 decreased by 0.1 million barrels per day (b/d) from 2020 and by 1.1 million b/d from 2019.
- Macro U.S. Picture
- Overall U.S. Forecast
- Capex Forecast
- EIA Forecast
- U.S. Forecast
- State-by-State Outlook
The Baker Hughes rotary rig count stood at 360 units during the week ending Jan. 8, 2021. That total is 55% less, or 436 rigs fewer, than were working on Jan. 3, 2020, Fig. 1.U.S. drilling activity steadily climbed for the next seven months, hitting 512 during the week ending Sept. 17. Although the 152-rig increase represents a 42% Jan.-Sept. incre...
With demand returning and oil prices firming, World Oil forecasts a moderate uptick in drilling activity for the remainder of the year, projecting 12,452 total wells for 2021—a 9% increase from the 2020 count of 11,451, Table 1.Total footage is projected to increase from 156.2 MMft in 2020 to 167.4 MMft in 2021—an increase of 7%. During 2021, 5,723...
North American spending is forecast to decrease 6.5% from 2020 levels, which is a reversal from 5.4% growth suggested by a December survey, according to James West, senior managing director at Evercore ISI. Although capex in Canada is stabilizing near current levels, with anticipated 3% growth for 2021, capex in the U.S. is expected to contract for...
The EIA’s Short-Term Energy Outlook,published September 2021, reports that STEO remains subject to heightened levels of uncertainty related to the ongoing recovery from Covid-19. U.S. economic activity continues to rise after reaching multi-year lows in the second quarter of 2020, while U.S. GDP declined 3.4% in 2020 from 2019 levels. This STEO ass...
Given the strong recovery in demand, and resulting increase in crude prices, operators working the various U.S. plays plan to moderately increase drilling activity for the remainder of 2021, Fig. 2. Overall, activity in the oil-rich Texas shale plays will improve in the second half of the year, with the exception of District 5, which will suffer sl...
Texas. Most of the shale plays in the Lone Star State will gain ground in 2021. On a half-over-half basis, World Oil predicts Texas wells will gain 22%, with the 2021 total being 4.5% more than the 2020 figure. In the Permian basin (Fig. 4), District 8 will be up 14% in the second half, but its total will be 5.4% less than the 2020 total. Districts...
Nov 10, 2021 · The U.S. Energy Information Administration (EIA) has kept its Brent spot average price forecasts for 2021 and 2022 flat in its latest short term energy outlook (STEO). The EIA’s November STEO ...
Sep 27, 2021 · Oil continued to climb on Monday with global benchmark Brent nearing $80 a barrel, its highest price since October 2018, as tight supply fuels a crude rally and demand in some parts of...
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