The Energy Information Administration released its Short-Term Energy Outlook for January, and it shows that OECD oil inventories likely bottomed last June 2018 at 2.800 billion barrels. It estimated stocks dipped 1 million barrels in December at 2.914 billion, 54 million barrels higher than a year ago.
For 2020, OECD inventories are projected to build by 47 million barrels to 2.962 billion. This is EIA’s first projection for 2021, and it forecasts that stocks will draw by 17 million barrels to end the year at 2.945 billion.
The EIA estimated that OPEC production dipped by 250,000 b/d in December to 29.24 million. For 2020, it estimates that OPEC production will average about 29.19 million, about 600,000 b/d lower than in 2019. For 2021, it estimates OPEC production will remain about the same. Continue reading "World Oil Supply And Price Outlook, January 2020"