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
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
BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits
OPEC’s secretary-general said an oil market recovery may take longer than hoped as coronavirus infections rise around the world, and OPEC and its allies would “stay the course” in balancing the market
World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said, adding to headwinds faced by the group and its allies in balancing the market
A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said
World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits
“The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020,” Barkindo said in remarks at the G20 Energy Ministers virtual meeting
The bank raised its 2020 Brent and US West Texas Intermediate (WTI) price forecasts by $2 to $43 per barrel and $39, respectively. For 2021, the bank expects Brent and WTI prices to average $53 and $50 per barrel, respectively.
OPEC and allies, led by Russia, are scheduled to hold an online meeting to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook
