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Will global oil demand rise in 2021?
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Mar 17, 2021 · Oil 2021 tackles these questions by analysing oil market data, trends in investment and government policies. The report provides a comprehensive outlook for global supply and demand through 2026 and explores some of the challenges and uncertainties that lie ahead.
World Oil Outlook. OPEC’s World Oil Outlook (WOO) is part of the Organization’s commitment to market stability. The publication is a means to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry.
Jun 11, 2024 · We forecast that global oil inventories will begin increasing at an average of 0.4 million b/d in 2Q25 and will increase by 0.6 million b/d in the second half of 2025. As a result, we expect oil prices will increase to an average of $87/b in 4Q24 and $88/b in 1Q25.
Jan 4, 2022 · The spot price of Brent crude oil, a global benchmark, started the year at $50 per barrel (b) and increased to a high of $86/b in late October before declining in the final weeks of the year. Brent’s 2021 annual average of $71/b is the highest in the past three years.
- 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...
Dec 14, 2021 · Global oil demand is now set to rise by 5.4 mb/d in 2021 and by 3.3 mb/d in 2022, when it returns to pre-pandemic levels at 99.5 mb/d. Global oil production is poised to outpace demand from December, led by growth in the US and OPEC+ countries.
US output is rising amid stronger oil prices. 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.
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