The International Energy Agency released it’s November Oil Market Report Tuesday making no adjustments to its 2021 global oil demand outlook. The IEA projected unchanged worldwide oil consumption, to rise by 5.5 million barrels per day (bpd) this year. They project expected demand weakness stemming from COVID-19 spreads across Europe would be offset by rising gasoline and jet fuel consumption from the reopening of international air travel. IEA November Highlights Global supplies “leapt” by 1.4 million barrels per day (mbd) … Continue reading “IEA Raise U.S. Oil Production Outlook as Global Oil Demand Strengthening”
IEA reversed its outlook on Oil demand on Virus, sees outlook for second half of 2021 cut by 550,000 barrels a day Stockpiles to rebound in 2022 if OPEC+ reverses output cuts
Heading into CERAWeek the IEA has thrown more fuel on the US Shale fire raising US crude oil production by 2.7 million barrels per day (bpd) by 2023 in their 5 year forecast.