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Rystad Energy: 2021 could offer a window of opportunity for producers
The Covid-19 pandemic has devasted crude and condensate demand in 2021, creating massive supply surpluses and filling up inventories, causing producers to slash their output in order to keep prices at somewhat profitable levels. Rystad Energy’s latest balances, however, show that 2021 could offer producers a window [...]
Stronger Oil Curve Points to Cushing Glut Relief
(Bloomberg) -- Oil stockpiles at America’s largest storage hub are set to unwind with the market showing real signs of strength for the first time since the pandemic crushed global demand. Crude stockpiles in Cushing, Oklahoma, the delivery point for West Texas Intermediate futures, fell to about [...]
Oil Down on Signs of OPEC+ Discord
(Bloomberg) -- Oil dropped below $45 a barrel as a consensus within OPEC+ to postpone an output hike planned for January remained elusive ahead of a meeting of the cartel’s power brokers later on Monday. Futures in New York declined 1.8%. Most participants in an informal discussion [...]
Offshore Rig Values Take $30B Hit
Offshore rig values have declined almost 42 percent in 12 months, equating to a loss of around $30 billion. That’s according to Bassoe Offshore, which noted that the offshore rig market has had “a pretty bad year”. The company outlined that the pandemic and collapsing commodity prices [...]
Feds Propose 2021 Offshore Lease Sale
The U.S. Bureau of Ocean Energy Management (BOEM) on Tuesday proposed offering approximately 78.2 million acres for a region-wide Gulf of Mexico (GOM) lease sale scheduled for March 2021. The proposed Lease Sale 257, which would be livestreamed from New Orleans, will be the eighth offshore sale [...]
OPEC Revises 2020 Oil Demand Forecast
OPEC has lowered its 2020 oil demand forecast to -9.8 million barrels per day (MMbpd), OPEC’s secretary general, Mohammad Sanusi Barkindo has confirmed in a statement via videoconference at the 24th meeting of the JMMC on November 17. The number marks a drop of 0.3 MMbpd from [...]