IEA Sees 2020 Oil Demand Down 8.1 Million Bpd
The International Energy Agency expects crude oil demand this year to be 8.1 million bpd lower than it was in 2019, a downward demand forecast revision of 140,000 bpd, the Continue Reading
OPEC+ monitoring committee pushes back meeting to Aug. 19
The OPEC+ Joint Ministerial Monitoring Committee has pushed back its next online meeting by a day to Aug. 19, due to a request from Russia, according to officials. The committee, Continue Reading
Russia Doesn’t Expect OPEC+ To Change Course
The OPEC+ panels will not be discussing next week any revisions of the ongoing production cut pact and are not expected to make any major decisions to tweak the deal, Continue Reading
Rise in Covid-19 cases will weigh on demand for oil, warns IEA
The International Energy Agency has revised down its forecasts for oil consumption this year and next as a recovery in global demand slows. The Paris-based agency said global oil demand would Continue Reading
Oil refinery intake recovers but lags behind demand rebound: IEA
Global refinery crude intake is recovering but it lags behind the demand increase due to high inventories, the International Energy Agency said Aug. 13. In the second quarter, global refining Continue Reading
IEA lowers 2020/21 oil demand estimates on stalling mobility recovery, weak aviation
The International Energy Agency on Aug. 13 lowered its estimates for world oil demand this year and next, along with its estimate of the “call” on OPEC crude oil, due Continue Reading
OPEC Middle East Oil Flows Edge Higher on Easing of Output Cuts
Oil exports from OPEC’s Middle East producers rose in July after Saudi Arabia and key Persian Gulf allies reversed the voluntary production cuts they had made the previous month. The Continue Reading
OPEC Raised Supply Last Month as Gulf Nations Ended Extra Cuts
OPEC’s crude production rose last month as Persian Gulf members phased out extra supply cutbacks, but the cartel largely persevered with its strategy to revive the global oil industry. Saudi Arabia, Continue Reading
OPEC+ Prepares to Pump More Oil
From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge Continue Reading
OPEC May Have To Adapt To Lower-For-Longer Oil Demand
OPEC is trying to come to terms with the idea that the coronavirus crisis may have brought with it permanent changes in consumer behavior, stifling oil demand over the next Continue Reading