EIA Raises 2022 Oil Production Forecasts To End Persistent Global Oil Inventory Draws

In the June STEO, EIA raised its estimate that 2022 crude oil production will average 11.8 million b/d, up from a forecast average of 11.1 million b/d in 2021. EIA expects rising production will end the persistent global oil inventory draws that have occurred

EIA Raises 2021 Oil Demand Forecasts, Lowers 2022 Consumption

EIA STEO raised its forecast for 2021 world oil demand up 180,000 up to 5.5M.  In 2022 it sees world oil demand to decrease by 180K to 3.65M BPD. At the same time sees crude oil output in 2021 to fall 270K to 11.04M  and t in 2022 unchanged increase by 820K to 11.86M.

EIA Sees Lower U.S. Consumption of Natural Gas Due To Higher Prices

EIA STEO expects U.S. consumption of natural gas will average 82.9 billion cubic feet per day (Bcf/d) in 2021, down 0.4% from 2020. The decline in U.S. natural gas consumption is a result of less natural gas consumed for electric power generation because of higher natural gas prices compared with last year.

Schlumberger Sees Crude Demand Rebounding To Pre-Pandemic Levels By 2023

The world’s largest oil fields service company Schlumberger reported better than expected Q4 earnings Friday. Revenues in all four reporting segments of Schlumberger fell. Strength came from digital solutions and multiclient seismic license sales.

China Trade War With Australia Sees LNG Prices at Highest Since 2018 as Chinese Imports Soar

China’s LNG imports could hit a record high in Dec as industrial demand returns Reuters reported sources saying. Domestic gas consumption for early December up 20% year-on-year adding to the LNG demand.

Schlumberger Slashes Dividend First Time In Four Decades as Demand Crumbles

The world’s largest oil fields service company Schlumberger reported shutdown damaged Q1 earnings Friday. The report reflected the expected reduction in North America land activity and seasonal activity in the Northern Hemisphere accelerated by the oil price collapse.

Schlumberger International Oil and Gas Activity Continues To Offset North America Weakness

The world’s largest oil fields service company Schlumberger reported better than expected Q4 earnings Friday. The report reflected the expected reduction in North America land activity and seasonal activity in the Northern Hemisphere.

Refinancing Risk For North American Energy Companies From Weak Natural Gas Prices

North America and Latin American energy companies face the risk of downgrades says Fitch Ratings. Bifurcated market access and weak natural gas prices are elevating refinancing risk in North America, macroeconomic challenges see Latin America to remain negative.