Evolution of production and world oil consumption

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moinsdewatt
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Re: Evolution of production and world oil consumption




by moinsdewatt » 17/06/20, 21:11

OPEC drastically reduced oil production in May, in line with commitments

AFP published on June 17, 2020

The production of the Organization of the Petroleum Exporting Countries (OPEC) fell spectacularly in May, the member countries of the cartel uniting for the moment behind the agreement found within OPEC + to support the prices of l gold, depressed by the Covid-19 crisis.

Their production fell by 6,3 million barrels per day (Mb / d) over a month to reach 24,195 Mb / d in May, according to secondary (indirect) sources cited by OPEC in its monthly report, released Tuesday. These secondary sources, based on a set of data such as tanker traffic, refining statistics or confidential information, are those which are used to assess the production of black gold.

Saudi Arabia, the leader of the organization, provided just over half of this effort alone: ​​its black gold extractions fell 3,16 Mb / d over a month. The United Arab Emirates (- 1,364 Mb / d) and Kuwait (- 921 barrels per day) also pumped much less last month to support prices.

OPEC members and their allies, including Russia, agreed earlier this month to extend the historic drop in production to which they have been operating since May 1 in July. This drop is intended to support falling prices because of the Covid-19 health crisis, which resulted in a collapse in demand, especially for transport.

OPEC also estimates that the 10 countries not members of the cartel but associated with the effort also reduced their production by 2,95 million barrels per day last month. In total, the allies would have reduced their production by some 9,2 Mb / d.

The Vienna-based organization notes in passing "the high level of compliance with voluntary production adjustments" on the part of its partners within the larger group known as OPEC +. Besides Russia, it includes countries such as Azerbaijan, Kazakhstan, Mexico and the Sultanate of Oman.

With the efforts of these countries, but also the resumption of economic activity which encourages demand, prices have increased recently after having collapsed during the health crisis. North Sea Brent was worth just over $ 40 a barrel on Wednesday morning, when it fell below $ 20 in April.

https://www.connaissancedesenergies.org ... mai-200617
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moinsdewatt
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Re: Evolution of production and world oil consumption




by moinsdewatt » 19/09/20, 11:42

Active Oil Rigs Fall Again As WTI Finishes Strong

By Julianne Geiger - Sep 18, 2020

Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 1 to 179.

The total number of active oil and gas rigs increased for the week by 1, with oil rigs falling by 1 and gas rigs increasing by 2.

Total oil and gas rigs in the United States are now down by 613 compared to this time last year.

Image


https://oilprice.com/Energy/Energy-Gene ... trong.html


The EIA's estimate for oil production in the United States rose for the week ending September 11 — the last week for which there is data, to 10.9 million barrels of oil per day, up from 10.0 million bpd in the week prior and 9.7 million bpd the week before that. While production has recovered in the last couple of weeks, US oil production is still down 2.2 million bpd from its all-time high reached earlier this year.

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moinsdewatt
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Re: Evolution of production and world oil consumption




by moinsdewatt » 30/09/20, 23:40

Total does not foresee a decline in oil demand over the next few years

29/09/2020 DOWJONES

The demand for oil has not yet started to decline because it is notably supported by demand from emerging countries, estimated the Chairman and CEO of Total, Patrick Pouyanné, Tuesday during the presentation of the group's energy outlook at the horizon 2050.

Total foresees a plateau in demand "around 2030". "To tell the truth, nobody knows when the peak will be reached", underlined Patrick Pouyanné during an investor day.

"Some think the peak may already be there. It is obvious that the Covid is having a short-term impact. But we are not among those who believe that the demand will not return to the levels of last year", he added.

British group BP had estimated earlier this month that global demand for oil is expected to peak in the coming years. The British major also estimated that oil consumption may never return to the levels reached in 2019.



https://www.google.com/amp/s/investir.l ... 928583.php
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moinsdewatt
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Re: Evolution of production and world oil consumption




by moinsdewatt » 27/01/21, 23:44

Joe Biden announces moratorium on oil drilling on federal lands and waters

AFP published on Jan 27, 2021

Joe Biden on Wednesday announced a moratorium on oil drilling on federal lands and waters as well as an international climate summit in April, according to a White House statement.

The Democratic President of the United States is due to sign an executive order later today detailing these measures, including the organization by the United States of a summit of leaders on the climate on April 22, the day of the Earth. This date also corresponds to the fifth anniversary of the signing of the Paris Agreement, which the United States has again joined a few hours after the new president took office.

The "pause" on granting new concessions for oil and gas drilling on government-owned land and water will not impact any concessions already granted, but it will allow Joe Biden to hold one of his campaign promises.


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gildas
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Re: Evolution of production and world oil consumption




by gildas » 12/02/21, 11:44

An animation of daily oil consumption represented in barrels and by country

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Christophe
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Re: Evolution of production and world oil consumption




by Christophe » 12/02/21, 13:38

Nice but it's impossible! I think it's still a conspiratorial video! Because if it were true we would find empty barrels! Where are they ?

: Mrgreen: : Mrgreen: : Mrgreen:
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Re: Evolution of production and world oil consumption




by Macro » 12/02/21, 13:43

We are green in oil ... They are consigned barrels ... : Cheesy: : Cheesy: : Cheesy:
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The only thing safe in the future. It is that there may chance that it conforms to our expectations ...
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Re: Evolution of production and world oil consumption




by Christophe » 12/02/21, 14:56

Ah yes what am I stupid! : Mrgreen: : Mrgreen: : Mrgreen:
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moinsdewatt
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Re: Evolution of production and world oil consumption




by moinsdewatt » 06/03/21, 14:23

Oil gains 5,2% to reach its highest level in 14 months


Ecofin Agency March 5, 2021

For more than six years, the prices of a barrel of crude have entered a phase of slump which has notably weakened the revenues of producing countries and affected the finances of companies in the sector. The measures subsequently taken by OPEC to stabilize them are gradually bearing fruit.

Saudi Arabia on Thursday said it will maintain its unilateral quota to cut one million barrels per day of its production for April's account. A decision that comes in a context where OPEC was holding talks to renew this reduction in April, which has played an important role in stabilizing the market over the past two months.

According to analysts, a reduction of 500 barrels per day was badly needed. The other 000 barrels per day could be used to cover the margins of the possible non-adherence of the other members of the group to the reduction quotas.

This decision is further proof of Saudi Arabia's commitment to price stability.

As a result, the market responded positively by pushing prices up to levels not seen since January 2020. Brent hit $ 68 per barrel, while US crude hit $ 64,80 per barrel.
...........


https://www.agenceecofin.com/trade/0503 ... is-14-mois
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moinsdewatt
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Re: Evolution of production and world oil consumption




by moinsdewatt » 14/10/21, 23:49

Energy crisis will support global oil demand, IEA judges

AFP published on Oct 14, 2021

The International Energy Agency (IEA) on Thursday raised its forecasts for world oil demand in 2021 and 2022, betting on a strong appetite for crude to replace gas and coal which have become overpriced.

"Oil prices are reaching their highest levels in years as shortages of natural gas, LNG and coal support demand for oil, which could keep the market in deficit until at least the end of the year." , notes the IEA in its monthly oil report.

High gas and coal prices are thus prompting energy-hungry industries and power producers to turn to oil instead "to keep the lights on and the machines to keep purring".

The global energy crisis could in total support the demand for crude to the tune of 500 additional barrels per day compared to normal, calculates the IEA, which advises developed countries on their energy policy.

It has raised its forecast for rising global demand for 2021 and 2022 to an additional 170 and 000 barrels per day respectively. Global demand must now increase by 210 million barrels per day (Mb / d) in 000, then by 5,5 Mb / d in 2021, to reach 3,3 Mb / d, slightly above the levels pre-Covid.

Oil prices have risen sharply for months, fueled by the global economic recovery and cautious producer countries, which are increasing supply sparingly. A barrel of Brent from the North Sea is currently trading well above $ 80.

The Organization of Petroleum Exporting Countries (OPEC) on Wednesday revised down its estimate for 2021 of world oil demand, which has been less sustained than expected so far. But she had insisted on the solid outlook for the end of the year and, like the IEA, predicted a possible increased recourse to oil in certain sectors to the detriment of other sources of energy which had become too expensive.


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