Category: Production

China October refinery output hits record high on firm holiday demand

China’s crude oil throughput rose 2.6% in October from a year earlier to hit a record high as fuel demand firmed on strong holiday travel

OPEC expects coronavirus to curb oil demand recovery into 2021

Demand will rise by 6.25 million barrels per day (bpd) next year to 96.26 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 300,000 bpd less than expected a month ago

Goldman cuts 2021 Brent forecast as virus surge creates temporary headwind

The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously

EIA: US crude output to decline more than previously forecast in 2020

U.S. crude oil production is expected to fall by 860,000 barrels per day (bpd) in 2020 to 11.39 million bpd, the U.S. Energy Information Administration (EIA) said

IEA sees new European lockdowns denting oil demand outlook

Renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside, an official with the International Energy Agency said

Brent crude tops $40 as Biden’s win buoys risk-taking

Oil prices rose, with Brent topping $40 a barrel, after Joe Biden clinched the US presidency and buoyed risk appetite, offsetting worries about the impact on demand from the worsening coronavirus pandemic

OPEC and Russia studying deeper oil cuts to address weaker oil markets

The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one source familiar with Russian thinking said

Pandemic, energy transition to hasten peak in global oil demand

The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway’s biggest independent energy consultancy Rystad predicted

China raises 2021 non-state crude oil import quotas by 20%

China, the world’s top crude oil importer, will raise its non-state crude oil import quota for 2021 by 20% on-year to 243 million tonnes, the country’s commerce ministry said

Demand issues to overshadow OPEC+ supply next year

The OPEC and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said