In the June STEO, EIA forecast that despite the extension of OPEC+ production cuts, global liquid fuels production will increase by 1.5 million b/d in 2023 and by 1.3 million b/d in 2024, primarily because of growth from non-OPEC producers. EIA also raised its 2023 world oil demand growth forecast by 30Kbpd, seeing an increase of 1.59m bpd this year. However, the EIA lowered next year’s demand forecast by 20Kbpd to a 1.70 mbpd increase. They see most of this … Continue reading “EIA Sees Brent Higher but Forecast Non-OPEC Growth will Offset OPEC+ Production Cuts”
IEA Warns Crude Supply Crunch Beckons in Oil Market Report
Paris-based International Energy Agency IEA warned in its latest monthly Oil Market Report Tuesday that the fall in crude oil prices ignores Chinese demand and imminent supply crunch. However, it has to be said that the Chinese reboot after Covid Zero has not gone as IEA and OPEC had hoped. The IEA forecasts global oil demand to rise by 2.2 mil bpd in 2023 to a record 102 mil bpd noting that current market pessimism stands in stark contrast to … Continue reading “IEA Warns Crude Supply Crunch Beckons in Oil Market Report”
OPEC Monthly Oil Market Report May 2023
The OPEC Monthly Oil Market Report (MOMR) for May 2023 released Thursday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The report comes after the oil price gap up from OPEC+ announced a surprise over 1.5 million barrel per day crude oil production cut was filled with the lowest prices since December 2021. We also have a sputtering China is reopening after COVID … Continue reading “OPEC Monthly Oil Market Report May 2023”
EIA Sees U.S. Natural Gas Power Demand Just Off Record Highs This Summer
In the May STEO, EIA estimate natural gas consumption for electricity generation this summer (May–September) just off last year’s record pace and averaging about 38 billion cubic feet per day (Bcf/d), just down from 39 Bcf/d recorded last year. The EIA increased natural gas consumption for electricity generation from last month by about 2% for 2023 and 3% for 2024 because of their methodology change which results in more CDDs, and in more U.S. electricity generation during the summer. High … Continue reading “EIA Sees U.S. Natural Gas Power Demand Just Off Record Highs This Summer”
EIA Expects Energy Demand Growth to Balance Global Oil Market Between Q3 2023 and Q1 2024
In the May STEO, EIA expects energy demand growth to bring the global oil market into balance between Q3 2023 and Q1 2024. EIA estimated global liquids fuel production to increases by 1.5 million b/d in 2023 compared with 2022 primarily because of growth from non-OPEC producers. Excluding production from Russia, which is forecast to fall by 0.3 million b/d in 2023, they expect non-OPEC liquid fuels production to increase by 2.2 million b/d in 2023 and by an additional … Continue reading “EIA Expects Energy Demand Growth to Balance Global Oil Market Between Q3 2023 and Q1 2024”
OPEC Monthly Oil Market Report April 2023
The OPEC Monthly Oil Market Report (MOMR) for April 2023 released Thursday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The report comes after OPEC+ announced a surprise over 1.5 million barrel per day crude oil production cut, China is reopening after COVID Zero and US Crude Oil SPR Inventories the lowest since Nov 1983. Late last year OPEC+ decreased crude oil production by … Continue reading “OPEC Monthly Oil Market Report April 2023”
EIA Sees U.S. Natural Gas Inventories 6% Above Five-Year Average After Injection Season
In the April STEO, EIA estimate natural gas inventories will end the injection season (April–October) at 3.8 trillion cubic feet, 6% above the five-year average. This follows the mild winter weather in the first quarter of 2023 (1Q23). Natural gas inventories ending the withdrawal season (November–March) 19% higher than the five-year (2018–2022) average. This was also helped by Freeport being shut down as and such LNG exports curtailed as a result. The Freeport terminal accounted for around 20% of all … Continue reading “EIA Sees U.S. Natural Gas Inventories 6% Above Five-Year Average After Injection Season”
EIA Sees OPEC+ Oil Production Cuts Offset, Led by U.S., Brazil, Norway & Canada
In the April STEO, EIA estimate global liquids fuel production will increase by 1.5 million b/d in 2023 because of strong growth from non-OPEC countries, which (excluding Russia) increase by 2.3 million b/d in their forecast. Non-OPEC production growth is largely driven by USA, Brazil, Canada and Mexico. EIA had already accounted for some of the reduction in crude oil output from OPEC countries (Russia’s 0.5 million b/d cut) in their latest production cuts. EIA reduced their forecast for OPEC’s … Continue reading “EIA Sees OPEC+ Oil Production Cuts Offset, Led by U.S., Brazil, Norway & Canada”
OPEC+ Announces Surprise Cut in Crude Oil Production of Over 1 million Barrels Per Day
OPEC+ announced a surprise cut of over 1 million barrel per day crude oil production cut on Sunday ahead of the scheduled JMMC Monday. This is in addition to the already announced 500kppd previously announced by Russia. Saudi energy official says that this is a precautionary measure aimed at supporting the stability of the oil market. More member states are expected to announce their voluntary cut today. The oil production cut is the biggest from OPEC+ since they agreed on … Continue reading “OPEC+ Announces Surprise Cut in Crude Oil Production of Over 1 million Barrels Per Day “
OPEC Monthly Oil Market Report March 2023
The OPEC Monthly Oil Market Report (MOMR) for March 2023 released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The report comes as China is reopening after COVID Zero. Since the forecasts financial markets are being pounded by the collapse of three major banks. Two of which are the three biggest in the US ever. Late last year OPEC+ decreased crude oil … Continue reading “OPEC Monthly Oil Market Report March 2023”