Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.
Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand. Read More
OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.
However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current O Read More
Oil produced on federal land leased by the U.S Department of Interior topped one billion barrels last year, the department said Wednesday. Read More
Oil production on federal lands topped 1 billion barrels in 2019, marking a 29% increase from the Obama administration, Department of the Interior officials announced Tuesday. Read More
by Jason Hopkins The United States is expected to churn out far more oil in 2019 than what international analysts originally forecasted. The International Energy Agency, a Paris-based organization that helps coordinate energy policies for industrial countries, released its latest oil market report Friday, noting exceptional numbers for the… Read More