Demand for oil will grow sharply in the next few years as the global economy recovers from the pandemic, OPEC said on Tuesday, adding that the world needs to keep investing in oil production to […]
China’s oil consumption could peak in five years at a daily level of around 16 million barrels, a senior Sinopec executive has forecast, as quoted by Reuters. Ma Yongsheng, acting chairman of the state oil major, also […]
OPEC will likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in […]
Oil in New York posted its second weekly gain as the impact of Hurricane Ida continues to snarl U.S. oil production, though prices edged lower Friday following a weak U.S. jobs report. West Texas Intermediate […]
Lukoil PJSC, Russia’s second-largest oil producer, has enough spare capacity to restore output to pre-pandemic levels, indicating that OPEC+ cuts haven’t had any significant impact on its production potential. The company has about 90,000 barrels a […]
OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia […]
OilPrice.Com As uncertainty over new Covid outbreaks combined with a strengthening U.S. dollar, oil prices came under pressure this week and are on course to finish the week 7 percent down. Friday, August 20th, 2021 […]
Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), August 2021 In our August Short-Term Energy Outlook (STEO), we forecast that total world petroleum production will average 98.9 million barrels per day (b/d) in the second half of 2021 (2H21), […]
AUSTIN – Today, Commissioner Wayne Christian wrote a letter to President Joe Biden encouraging him to reconsider discussions with OPEC+ and instead unleash the private sector to produce oil domestically in America. You can view the […]
Oil rebounded from a three-week low on expectations that the global economic recovery will withstand the latest virus onslaught, even as it takes a toll on fuel demand. Futures climbed toward $68 a barrel in […]
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