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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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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 new refinery projects would increase production of refined products, such as gasoline and diesel, and in turn, they might reduce the current high prices for these products. million b/d in 2023.

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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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The US and other member states of the International Energy Agency (IA) agreed earlier in March to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion of Ukraine, with the US supplying 30 million. Biden said that his administration would restock the reserve when prices are lower.

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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. The US also broke into the international crude trade, doubling export volumes and entering that top ten ranking. Source: Eni World Oil Review 2019.

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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. The refinery’s return is likely to decrease petroleum product prices and increase supply, particularly in south and southeast Asian markets.

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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: The Current Oil Price Rally Is Reaching Its Limits

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Oil prices have climbed by about 50 percent from their February lows, topping $40 per barrel. But the rally could be reaching its limits, at least temporarily, as persistent oversupply and the prospect of new shale production caps any potential price increase. by Nick Cunningham of Oilprice.com.

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IEA says oil supplies may not keep up with demand

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In its latest annual World Energy Outlook , the International Energy Agency (IEA) warned that the current period of oil abundance may be fleeting, and in fact, without heroic levels of production increases, oil markets will grow dangerously tight in the coming years. Instead, much of the world’s hopes are pinned disproportionately on Iraq.

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