Global oil demand to recover by 2022: Aramco
After an unprecedented eight percent drop this year, global consumption was set to return to pre-crisis levels in 2023 provided the pandemic was brought under control, the IEA said
After an unprecedented eight percent drop this year, global consumption was set to return to pre-crisis levels in 2023 provided the pandemic was brought under control, the IEA said
OPEC member Libya is exempt from cutting oil output under a deal by the Organization of the Petroleum Exporting Countries and allies. A restart in Libya supply could force other producers to make further reductions to support prices
Brent crude was down 20 cents, or 0.5 per cent, at $42.95 a barrel by 0039 GMT, while U.S. crude fell by 27 cents, or 0.7 per cent, to $40.84 a barrel
Unni Einemo, director of the International Bunker Industry Association (IBIA), said firms were contending with low demand, low margins, ample supplies, increased counter-party risk, and constrained access to capital
India’s oil demand is expected to start plateauing in 2025 after rising to 6 million barrels per day (mbd) from 5 mbd in 2018 under BP’s two scenarios named the ‘Rapid’ and ‘Net Zero’
Brent crude futures climbed 27 cents, or 0.6 per cent, to $45.55 a barrel at 0055 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.5 per cent, to $42.82 a barrel
The agency also expects US petroleum and other liquid fuel consumption to drop 2 million bpd to 18.46 million bpd in 2020, a slightly smaller decline than its previous forecast for a drop of 2.12 million bpd
Brent crude was up by 40 cents, or 0.9 per cent, at $43.34 a barrel by 0204 GMT. On Thursday, Brent closed down 1.9 per cent but had recovered much of the ground lost from the lowest level since July 10
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10 per cent of global supply, after the virus destroyed a third of global demand
The agency now expects US petroleum and other liquid fuel consumption to drop 2.1 million bpd to 18.34 million bpd in 2020, a smaller decline than its previous forecast for a drop of 2.4 million bpd
In international benchmark Brent, speculators raised net long positions by 1,682 contracts to 185,220 in the week to June 16, data from Intercontinental Exchange showed. That is the highest level since early March