Tag: Oil

The Energy Information Administration released its Short-Term Energy Outlook for May, and it shows that OECD oil inventories likely peaked at 3.210 billion in July 2020. In April 2021, it estimated stocks dropped by 26 million barrels to end at 2.897 billion, 215 million barrels lower than a year ago.

The EIA estimated global oil production at 94.04 million barrels per day (mmbd) for April, compared to global oil consumption of 96.18 mmbd. That implies an undersupply of 2.14 mmb/d or 64 million barrels for the month. That implies non-OECD stocks dropped by 33 million barrels.

For 2021, OECD inventories are now projected to draw by net 168 million barrels to 2.858 billion. For 2022 it forecasts that stocks will draw by 22 million barrels to end the year at 2.873 billion.

The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. According to OPEC’s press release on April 27, 2021: Continue reading "World Oil Supply And Price Outlook, May 2021" →

The Energy Information Administration released its Short-Term Energy Outlook for April, and it shows that OECD oil inventories likely peaked at 3.208 billion in July 2020. In March 2021, it estimated stocks dropped by 19 million barrels to end at 2.932 billion, 32 million barrels lower than a year ago.

The EIA estimated global oil production at 93.47 million barrels per day (mmbd) for March, compared to global oil consumption of 96.0 mmbd. That implies an undersupply of 2.53 mmb/d or 78 million barrels for the month. That implies non-OECD stocks dropped by 59 million barrels.

For 2021, OECD inventories are now projected to draw by net 149 million barrels to 2.877 billion. For 2022 it forecasts that stocks will draw by 1 million barrels to end the year at 2.876 billion.

The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. According to OPEC’s press release April 1, 2021: Continue reading "World Oil Supply And Price Outlook, April 2021" →

The Energy Information Administration released its Short-Term Energy Outlook for March, and it shows that OECD oil inventories likely peaked at 3.210 billion in July 2020. In February 2021, it estimated stocks dropped by 62 million barrels to end at 2.955 billion, 80 million barrels higher than a year ago.

The EIA estimated global oil production at 92.17 million barrels per day (mmbd) for January, compared to global oil consumption of 95.89 mmbd. That implies an undersupply of 3.72 mmb/d, or 104 million barrels for the month. That implies non-OECD stocks dropped by 42 million barrels in addition to the OECD stock draw of 62 million barrels.

For 2021, OECD inventories are now projected to draw by net 91 million barrels to 2.942 billion. For 2022 it forecasts that stocks will draw by 26 million barrels to end the year at 2.949 billion.

The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. According to OPEC’s press release January 5, 2021: Continue reading "World Oil Supply And Price Outlook, March 2021" →

The Energy Information Administration released its Short-Term Energy Outlook for February, and it shows that OECD oil inventories likely peaked at 3.210 billion in July 2020. In January 2021, it estimated stocks dropped by 15 million barrels to end at 3.030 billion, 127 million barrels higher than a year ago.

The EIA estimated global oil production at 93.95 million barrels per day (mmbd) for January, compared to global oil consumption of 93.89 mmbd. That implies an oversupply of 60,000 b/d, or 1.9 million barrels for the month. That implies non-OECD stocks dropped by 17 million barrels.

For 2021, OECD inventories are now projected to draw by net 86 million barrels to 2.959 billion. For 2022 it forecasts that stocks will draw by 24 million barrels to end the year at 2.935 billion.

The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. According to OPEC’s press release January 5, 2021: Continue reading "World Oil Supply And Price Outlook, February 2021" →

The Energy Information Administration released its Short-Term Energy Outlook for January, and it shows that OECD oil inventories likely bottomed in this cycle in June 2018 at 2.802 billion barrels. Stocks peaked at 3.210 billion in July 2020. In December 2020, it estimated stocks dropped by 40 million barrels to end at 3.061 billion, 172 million barrels higher than a year ago.

The EIA estimated global oil production at 93.45 million barrels per day (mmbd) for November, compared to global oil consumption of 95.59 mmbd. That implies an undersupply of 2.14 mmbd or 64 million barrels for the month. About 30 million barrels of the draw for November is attributable to non-OECD stocks.

For 2020, OECD inventories are now projected to build by net 127 million barrels to 3.006 billion. For 2021 it forecasts that stocks will draw by 95 million barrels to end the year at 2.910 billion.

The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. According to OPEC’s press release on January 5, 2021: Continue reading "World Oil Supply And Price Outlook, January 2021" →