Tag: Oil

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.

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" →

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.

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" →

The Energy Information Administration released its Short-Term Energy Outlook for May, and it shows that OECD oil inventories likely bottomed last June 2018 at 2.802 billion barrels. It estimated stocks built by 267 million barrels in April to end at 3.352 billion, 488 million barrels higher than a year ago.

The EIA estimated global oil production at 99.15 million barrels per day (mmbd) for April, compared to global oil consumption of 76.34 mmbd. That implies an oversupply of 22.81 mmbd or 684 million barrels for the month. A figure never experienced in history.

For 2020, OECD inventories are projected to build by 347 million barrels to 3.351 billion. For 2021 it forecasts that stocks will draw by 227 million barrels to end the year at 3.007 billion.

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, May 2020" →

The Energy Information Administration released its Short-Term Energy Outlook for April, and it shows that OECD oil inventories likely bottomed last June 2018 at 2.802 billion barrels. It estimated stocks built by 109 million barrels in March to end at 3.059 billion, 201 million barrels higher than a year ago.

For 2020, OECD inventories are projected to build by 468 million barrels to 3.351 billion. For 2021 it forecasts that stocks will draw by 207 million barrels to end the year at 3.144 billion.

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