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- In the latest monthly Oil Market Report, the International Energy Agency (IEA) has lowered third-quarter 2020 oil demand estimates by 140,000 b/d overall due to poorer than expected deliveries. This was offset by slightly higher estimates for the year’s fourth quarter.
www.ogj.com/general-interest/economics-markets/article/14185320/iea-revises-down-demand-estimates-for-third-quarterIEA lowers demand estimates for third quarter - Oil & Gas Journal
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Oct 14, 2020 · 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. The overall demand estimate for 2020 is largely unchanged at 91.7 mb/d (down 8.4 mb/d versus 2019), as is the estimate for 2021 at 97.2 mb/d, (up 5.5 mb/d year-on ...
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The Railroad Commission of Texas issueda total of 437 original drilling permits in September compared to 796 in September of last year. The breakdown of well types consists of 112 for oil, 41 for gas, 252 for oil or gas, 11 for injection and 21 for other permits. The total well completions processed for 2020 to date for new drills, reentries, and r...
Despite the relatively swift response from OPEC and its allies to revitalize crude markets by significant reductions in oil production, stagnant oil prices and demand, which have yet to recover, have forced US producers to file for bankruptcy protection into the second half of 2020. The remainder of 2020 will be challenging as companies attempt to ...
In recent weeks, the oil and gas industry has experienced a burst of merger and acquisition activity, including situations of new operators consolidating legacy field holdings to the start-up of new oilfield services providers. The long-anticipated E&P consolidation boom appeared to take flight during the third quarter. On July 20, Chevron announce...
Mar 9, 2020 · Following a contraction in 2020 and an expected sharp rebound in 2021, global oil demand growth is set to weaken as consumption of transport fuels increases more slowly. Between 2019 and 2025, global oil demand is forecast to grow at an average annual rate of just below 1 mb/d.
Jul 10, 2020 · Largely reflecting the threat to US demand, the IEA lowered its third-quarter demand forecast by 630,000 b/d to 94.3 million b/d, which is 6.5 million b/d below the year-ago levels. IEA also revised down the Q3 demand forecasts for Brazil, Russia and Saudi Arabia, among other countries.
- We forecast that oil demand will fall by 8.8 mb/d y-o-y in 2020, a modest 50 kb/d downward revision from our previous Report. Our 2021 demand forecast was revised down by 170 kb/d.
- Global oil supply rose 1.5 mb/d in November to 92.7 mb/d as the US recovered from hurricane shut-ins and Libya built up production. In December, production may rise again ahead of OPEC+ increasing its quota by 0.5 mb/d in January.
- Global refinery throughputs fell almost 1 mb/d in October mainly due to maintenance and hurricane shutdowns. The seasonal slowdown of refined product demand in the northern hemisphere winter combined with tighter crude oil markets will result in a challenging environment for refiners in the short-term.
- OECD industry stocks fell in October by 55.3 mb (1.78 mb/d) to 3 129 mb, and were 183.4 mb above the five-year average. Observed global stocks fell by 4.1 mb/d.
4 days ago · LONDON, Oct 14 (Reuters) - OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year,...
3 days ago · After the peak, the IEA said, the reduction in oil demand will be gradual through the subsequent decade, based on countries’ current stated policies. That makes achieving the goal of net-zero ...
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