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EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

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The International Energy Agency (IEA) estimates that global refining capacity decreased by 730,000 barrels per day (b/d) in 2021—the first decline in global refining capacity in 30 years. million b/d since the start of 2020, contributing 184,000 b/d to the global decline in 2021. million b/d in 2022 and by an additional 1.6

Global 448
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Eni report: global oil reserves and oil production up in 2018 due to US

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The first volume of the report, the World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus on crude oil quality and on refining industry. In 2018, global oil reserves rose slightly (+0.4%), mainly due to growth in the US. WTI, the US light crude, covers 60% of global growth.

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EIA: At least 9 new refinery projects to come online before end of 2023 in Asia and Middle East; 2.9 MMb/d

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million barrels per day (MMb/d) of global refinery capacity once fully operational. In the International Energy Agency’s (IEA) June 2022 Oil Market Report, the IEA expects net global refining capacity to expand by 1.0 The scheduled expansions follow a period of reduced global refining capacity. million b/d in 2023.

Asia 418
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The 5 Countries That Could Push Oil Prices Up

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Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market. An unexpected disruption could occur at any moment, as has happened in the past, leading to a sudden and sharp jump in prices. The most near-term supply risk comes from Iraq. bank Citi said.

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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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Biden said that his administration would restock the reserve when prices are lower. million barrels over a 45-day period to calm the global oil market in the immediate aftermath of the beginning of the Iraq war. The release is by far the largest yet from the national reserves. Background. President George H.

Oil 418
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An OPEC Deal Extension Isn’t As Simple As It Sounds

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It’s been six months now that oil prices have been reacting to OPEC, first to the possibility of an agreement, and then to the production cut deal itself, forged by OPEC to rebalance the market. And according to Iraq, the agreed-upon cuts have been all about exports all along. But Iraq is uniquely positioned.

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Opinion: Stop Blaming OPEC For Low Prices

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Instead it pursued a strategy of fighting for market share, contributing to an immediate rout in oil prices. OPEC is widely expected to continue its current strategy at its next meeting, and as such, no rebound in oil prices is expected, at least not because of the results of the group’s meeting in Vienna.