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bp Statistical Review shows 4.5% drop in primary energy consumption in 2020; mainly driven by oil

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The Review captures the significant impact the global pandemic had on energy markets and how it may shape future global energy trends. Country wise, Russia (-1 million b/d), Libya (-920,000 b/d) and Saudi Arabia (-790,000 b/d). World oil production fell for the first time since 2009 by 6.6 million b/d in 2020 driven by both OPEC (-4.3

2020 397
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US DOE, IEA member countries releasing a total of 60 million barrels of oil from reserves

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The IEA estimates that the unrest in Libya had removed 132 million barrels of light, sweet crude oil from the market by the end of May. The IEA Governing Board will within 30 days of this notice reassess the oil market, review the impact of their coordinated action and decide on possible future steps.

Oil 186
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The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks

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Saudi Aramco’s investment of $300 billion in the next 10 years will, in large part, be focusing on the new technology needed to keep existing projects running while opening up new volumes in the future. But the current production increases in Nigeria, Iraq and Libya, will most probably be temporary.

Oil 186
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Platts Survey: OPEC pumps 31.28M barrels of crude per day in June; highest since Aug 2012

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But volumes exported from Turkish Mediterranean port Ceyhan via the pipeline system of semi-autonomous Iraqi Kurdistan fell by more than half from May levels, raising a question mark over the future of an oil export agreement signed by Baghdad and Erbil late last year.

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GECF: more than a quarter of 2050 natural gas supply untapped

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To this end, the GECF Secretary General reiterated the GECF’s readiness to support the Turkmen industry as it undergoes transformation on the back of the future energy trends, digitalization, and climate action.

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Platts: June OPEC output of 32.73M barrels of crude per day, highest since Aug. 2008

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million b/d, as production in Nigeria and Libya tentatively recovered along with steady increases for Saudi Arabia and Iran, according to an S&P Global Platts survey of OPEC and oil industry officials. Analysts said these two decisions which were taken at the June meeting could lay the groundwork for future cooperation on bigger issues.

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IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

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Assuming Libya rebounds from a steep drop, the bloc’s production could increase 2.6 Since 6 June, WTI and Brent futures have averaged above $120/bbl. Non-OPEC+ is set to lead world supply growth through next year, adding 1.9 mb/d in 2022 and 1.8 mb/d in 2023, according to IEA. mb/d this year, eroding its spare capacity cushion.

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