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Oct 26, 2020 · Therefore, the recent increase in COVID-19 cases in some countries, as well as the slowed growth of global oil demand in August and September, have contributed to downward pressure on crude oil prices. While oil appeared stationary during the third quarter, natural gas increased by 44.3% from $1.75 to $2.53 by the end of September. With a ...
Jan 27, 2021 · Oil producers are expected to maintain spending discipline in 2021 as optimism from stronger oil prices is offset by fears of weak demand. ... budgets in 2020. ... the third quarter’s US$40.90 ...
- Crude oil price. The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) from January 2019 to February 2021.
- Production and employment. Chart 2 presents monthly production and employment in the oil and gas extraction industry and in all industries as a whole from January 2019 to April 2021.
- Crude oil and merchandise exports. The global value chain and, therefore, merchandise exports have been greatly affected by the pandemic because of declining demand.
- Capital expenditures. Capital expenditures in oil and gas extraction are highly related to crude oil price. Lower oil prices will drive down the profit level of oil and gas extraction and ultimately discourage investment in the industry, and this will affect its production capacity in the long term.
Oct 14, 2020 · This surely raises doubts about the robustness of the anticipated economic recovery and thus the prospects for oil demand growth. Reflecting new data we have revised down our demand estimates for the third quarter of 2020 (-0.2 mb/d), with weakness seen particularly in North America (including Mexico) and India.
Jul 29, 2019 · In its latest OMR, the IEA revised 2019 non-OPEC oil supply growth slightly higher to 2M barrels (from 1.9M the month prior) mostly due to an upward revision for US and UK supply. Meanwhile, 2020 ...
- Nawar Alsaadi
Feb 26, 2021 · Long-term up to 2040. Long-term equilibrium oil prices have decreased by $10 to $15/bbl compared with pre-COVID-19 outlooks, as driven by a flattening cost curve and lower demand. Under an OPEC-control scenario, in which OPEC maintains its market share, we see a $50 to $60/bbl equilibrium price range in the long term, fueling 10 to 11 MMb/d US ...
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Jun 14, 2021 · But in terms of timing, an oil price boom based on a fundamental supply-demand imbalance could start as early as the third quarter of 2021 or be delayed until 2022. And there are good reasons to believe that it will not last for decades. Indeed, in our view, it could be over in 12 to 18 months.
