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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.
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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...
Feb 25, 2021 · Furthermore, global oil demand has continued to exceed supply since the third quarter of 2020, per EIA. In addition to meeting demand growth, global oil production naturally declines and must be ...
Mar 9, 2020 · About this report. Oil 2020 examines the key issues in demand, supply, refining and trade to 2025. This year, the report considers topics such as the impact of the new coronavirus (COVID-19) on demand; slowing supply growth in the United States and other non-OPEC countries; and the level of spare production capacity in OPEC countries to help ...
- 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.
Oct 12, 2021 · This quarter, global oil demand is forecast to grow to around 99 million barrels per day (bpd), up from 97 million bpd in the third quarter, when demand rose by 6 percent compared to the third ...
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Mar 13, 2020 · The Oil Price Shock (s) of 2020. COVID-19 has created a demand shock in the oil market as social distancing reduces movement and daily travel for more and more of us each day. At present, most of the reporting agencies expect oil demand growth this year to be largely flat, well below the 1.2 million barrels/day (mmb/d) expected just a few ...
