World Oil Supply And Price Outlook, October 2020

The Energy Information Administration released its Short-Term Energy Outlook for September, and it shows that OECD oil inventories likely bottomed in this cycle in June 2018 at 2.804 billion barrels. Stocks peaked at 3.204 billion in May 2020. In September 2020, it estimated stocks dropped by 34 million barrels to end at 3.090 billion, 123 million barrels higher than a year ago.

The EIA estimated global oil production at 91.70 million barrels per day (mmbd) for September, compared to global oil consumption of 95.26 mmbd. That implies an undersupply of 3.56 mmbd or 110 million barrels for the month. About 76 million barrels of the draw for September is attributable to non-OECD stocks.

For 2020, OECD inventories are now projected to build by a net 87 million barrels to 2.967 billion. For 2021 it forecasts that stocks will draw by 46 million barrels to end the year at 2.921 billion.

Crude Oil

The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. According to OPEC’s press release: Continue reading "World Oil Supply And Price Outlook, October 2020"

World Oil Supply And Price Outlook - September 2020

The Energy Information Administration released its Short-Term Energy Outlook for September, and it shows that OECD oil inventories likely bottomed in this cycle in June 2018 at 2.804 billion barrels. It estimated stocks dropped by 45 million barrels in August to end at 3.120 billion, 179 million barrels higher than a year ago. It estimates that inventories peaked in May 2020 at 3.209 billion.

The EIA estimated global oil production at 91.55 million barrels per day (mmbd) for August, compared to global oil consumption of 94.31 mmbd. That implies an undersupply of 2.76 mmbd or 85 million barrels for the month. About 32 million barrels of the draw for August is attributable to non-OECD stocks.

For 2020, OECD inventories are now projected to build by a net 46 million barrels to 2.939 billion. For 2021 it forecasts that stocks will draw by 44 million barrels to end the year at 2.895 billion.

Oil

The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. According to OPEC’s press release: Continue reading "World Oil Supply And Price Outlook - September 2020"

World Oil Supply And Price Outlook, August 2020

The Energy Information Administration released its Short-Term Energy Outlook for August, and it shows that OECD oil inventories likely bottomed in this cycle in June 2018 at 2.804 billion barrels. It estimated stocks dropped by 58 million barrels in July to end at 3.113 billion, 172 million barrels higher than a year ago. It estimates that inventories peaked in May 2020 at 3.181 billion.

The EIA estimated global oil production at 88.72 million barrels per day (mmbd) for July, compared to global oil consumption of 93.42 mmbd. That implies an undersupply of 4.69 mmbd or 146 million barrels for the month. About 88 million barrels of the draw for July is attributable to non-OECD stocks.

For 2020, OECD inventories are now projected to draw by a net 34 million barrels to 2.859 billion. For 2021 it forecasts that stocks will draw by 102 million barrels to end the year at 2.757 billion.

Oil

The EIA forecast was made to incorporate the OPEC+ decision to cut production and exports. According to OPEC’s press release: Continue reading "World Oil Supply And Price Outlook, August 2020"

World Oil Supply And Price Outlook, July 2020

The Energy Information Administration released its Short-Term Energy Outlook for July, and it shows that OECD oil inventories likely bottomed in this cycle in June 2018 at 2.804 billion barrels. It estimated stocks dropped by 14 million barrels in June to end at 3.283 billion, 362 million barrels higher than a year ago. It estimates that inventories peaked in May 2020 at 3.297 billion.

The EIA estimated global oil production at 87.59 million barrels per day (mmbd) for June, compared to global oil consumption of 89.47 mmbd. That implies an undersupply of 1.87 mmbd or 56 million barrels for the month. However, that is still a small figure compared to the size of the build from February, which was 399 million barrels.

For 2020, OECD inventories are projected to build by 132 million barrels to 3.022 billion. For 2021 it forecasts that stocks will draw by 137 million barrels to end the year at 2.855 billion.

Oil

The EIA forecast was made to incorporate the OPEC+ decision to cut production and exports. According to OPEC’s press release: Continue reading "World Oil Supply And Price Outlook, July 2020"

World Oil Supply And Price Outlook, June 2020

The Energy Information Administration released its Short-Term Energy Outlook for June, and it shows that OECD oil inventories likely bottomed June 2018 at 2.802 billion barrels. It estimated stocks built by 94 million barrels in May to end at 3.358 billion, 442 million barrels higher than a year ago.

For 2020, OECD inventories are projected to build by 243 million barrels to 3.133 billion. For 2021 it forecasts that stocks will draw by 273 million barrels to end the year at 2.860 billion.

Oil

The EIA forecast was made after the OPEC+ decision to cut production and exports. According to OPEC’s press release: Continue reading "World Oil Supply And Price Outlook, June 2020"