Post Tagged with: "Oil demand"

Source: Reuters

IEA sees oil demand recovery outpacing growth in supply

Reuters


LONDON -Oil demand is already outstripping supply and the shortfall is expected to widen even if Iran boosts exports as vaccinations against COVID-19 bolster the global economy, the International Energy Agency (IEA) said on Wednesday.

“The anticipated supply growth …

Source: Reuters

Analysis: Saudi $7 trillion investment goal puts spotlight on oil prices

Reuters


DUBAI – In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices.

A multi-trillion dollar spending push designed to diversify the economy’s sources of income will require state companies to cut the

Source: Reuters

Suez Canal steps up efforts to remove blockage as shipping rates surge, tankers diverted away

Reuters


CAIRO – The Suez Canal stepped up efforts on Friday to free a giant stuck container ship and end a blockage that has sent shipping rates for fuel tankers soaring and disrupted global supply chains for everything from grains …

Source: Reuters

OPEC expects most of 2021 oil demand recovery in second half

Reuters


LONDON – OPEC said on Thursday a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting …

Source: Reuters

Oil executives say demand will rise, despite emphasis on renewables

Reuters


NEW YORK – Oil demand is expected to rise over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, Hess Corp Chief Executive John …

March 1, 2021 - 3:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil prices slide as virus cases rise, demand worries persist

Reuters


NEW YORK  – Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia.

Brent crude was up 4 cents, or 0.1%, at $55.92 by 12:57 …

Source: Reuters

OPEC “cautiously optimistic” oil market will recover in 2021

Reuters


LONDON – OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought about by the coronavirus pandemic.

Monthly meetings of the Organization of the Petroleum Exporting …

Source: Reuters

Saudi voluntary oil cut to help with low demand in first quarter, OPEC chief says

Reuters


LONDON – Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event on Wednesday.

Saudi Arabia, the defacto leader …

Source: Reuters

Vaccine impact on moribund oil demand is several months away – IEA

Reuters


LONDON – The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned on Tuesday.

“The understandable euphoria around the start of vaccination …

Source: Reuters

Oil prices pull back as surge in virus cases raises concerns about demand

Reuters


NEW YORK – Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand.

Brent crude was …

Source: Reuters

Exclusive: OPEC+ sees oil cut extension curbing 2021 rise in oil stocks, document shows

Reuters


DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude …

Source: Reuters

Column: U.S. oil inventories offer hope, and a warning, to OPEC+ – Kemp

Reuters


LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance.

But with stocks of crude and distillates still well above the five-year average, OPEC+ …

Source:Rreuters

OPEC expects coronavirus to curb oil demand recovery into 2021

Reuters


LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market.

Demand will rise by

Source: Reuters

Oil price path depends on coronavirus control: Kemp

Reuters


LONDON- Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries.

In the United States, commercial jet fuel production over …

Source: Reuters

Oil extends losses with 4% slump on renewed lockdowns

Reuters


NEW YORK – Oil prices tumbled by more than 4% on Thursday, dropping to a five-month low and extending the previous day’s sharp decline on the impact renewed coronavirus lockdowns could have on oil demand.

December Brent crude futures …

Oil slides over 2% as new lockdowns threaten demand recovery

Oil slides over 2% as new lockdowns threaten demand recovery

Reuters


NEW YORK – Oil prices slipped over 2% on Thursday as new restrictions to stem a surge in COVID-19 infections increased uncertainty over the outlook for economic growth and a recovery in fuel demand.

Brent futures LCOc1 fell $1.00, …

Source: Reuters

OPEC, in major shift, says oil demand to plateau in late 2030s

Reuters


LONDON – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus …

Related: Reuters

Oil falls as crews return to U.S. Gulf rigs, economic recovery stalls

Reuters


LONDON – Oil prices fell on Thursday as U.S. producers in the Gulf of Mexico prepared to resume output following Hurricane Sally, and amid concerns about the slow economic recovery from the COVID-19 pandemic as U.S. jobless claims remained …

September 17, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil prices at one-month low on demand worries

Reuters


LONDON – Oil prices extended losses on Thursday, falling to their lowest point since early August, as worries about weaker U.S. gasoline demand and a sluggish economic recovery from the COVID-19 pandemic dented sentiment.

Brent crude LCOc1 fell 55 …

Source: Forbes

Where the U.S. oil industry stands

Forbes


The global Covid-19 pandemic led to an abysmal second quarter for the earnings of U.S. oil companies, but oil prices themselves staged a recovery during the quarter.

The second quarter began with oil prices having fallen into the teens, …

August 24, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand

Reuters


LONDON/NEW YORK – Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of …

Source: Reuters

OPEC sees gradual oil demand recovery, makes 84% of cuts in May

Reuters


LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market.

In a monthly …

Source: Reuters

Morgan Stanley flags risk oil price rally will lead to a fall

Reuters


Oil prices have quickly climbed to levels that raise the risk of price falls as demand is fragile, Morgan Stanley said on Monday, as benchmark crude hit its highest in three months.

Oil climbed on Monday after major producers …

Source: Reuters

Rise of remote working is ‘biggest threat to oil demand,’ says analyst

CNBC


Working from home has become the norm, and if the trend continues even after the pandemic abates, it could pose a big risk for oil, analysts are warning.

“The biggest threat to oil demand is the rise of remote …

Source: Reuters

Demand rise, output cuts could mean oil market balance in June

Reuters


LONDON  – Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict.

“Bullish sentiment continues to gather momentum as we move closer …

Source: Reuters

Oil prices climb as faith in supply cuts grows

Reuters


LONDON – Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

Brent crude LCOc1 futures were up 0.8%, or …

Source: Reuters

Column: Recovering oil demand could drive market into deficit by July – Kemp

Reuters


LONDON  – U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle.…

Source: Reuters

Oklahoma oil regulators hear arguments on output cuts

Reuters


Oklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices.

U.S. oil futures CLc1 this year have fallen about 60% to under $25 a barrel …

Source: CNBC

Goldman Sachs warns jet fuel demand may never fully recover from the crisis

CNBC


The coronavirus outbreak will have a lasting impact on the behavior of businesses across the globe, with jet fuel demand unlikely to ever fully recover, according to the head of commodities research at Goldman Sachs.

The Covid-19 pandemic …

May 11, 2020 - 1:00 pm Commodity Pricing, Crude Oil News, Energy News
Northern Oil and Gas, Inc. Announces First Quarter 2020 Results

Northern Oil and Gas, Inc. Announces First Quarter 2020 Results

Oil and Gas 360


MINNEAPOLIS

HIGHLIGHTS

  • First quarter production increased 28% over the prior year, averaging 43,735 barrels of oil equivalent (“Boe”) per day
  • Cash flow from operations, excluding $7.1 million from changes in working capital, totaled $93.6 million, which