Red Sea VDC

Main Menu

  • All-Equity Rate
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)
  • Cash

Red Sea VDC

Header Banner

Red Sea VDC

  • All-Equity Rate
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)
  • Cash
OPEC
Home›OPEC›IEA: Need at least 5 million barrels per day of supply over the next year to meet expected increase in demand – Energy News India

IEA: Need at least 5 million barrels per day of supply over the next year to meet expected increase in demand – Energy News India

By Loriann Hicks
June 19, 2021
0
0



Amid the complex carnage of raw materials, crude managed to limit losses to just over 1%. It remained stable below the $ 71 / bbl mark. The past few days have seen a massive increase in crude, triggered by the IEA report which indicates a tight crude oil market.

Christophe Barret, Senior Oil Market Analyst, AIE, says that in April and May economic activity picked up very quickly and mobility indicators show demand is accelerating very quickly in the United States and in the EU.

“The vaccinated countries are showing a very strong rebound in demand,” explains Barret. In the future, summer could see unusually high demand in the US and the EU

Barret says we are not very far from pre-pandemic crude demand levels “We should see demand return to 2019 levels by Q4CY22, gasoline demand is already very close to what it was in 2019, ”Barret.

So, in the midst of soaring demand, what does the supply picture look like? Barret says the supply is currently sufficient to meet demand throughout the summer, but after the summer the situation will change. “OPEC + has committed to increase supply by 2 million bpd until July and non-OPEC supply could increase by 1 million bpd, but we need additional crude supply from the OPEC because they still have a lot of reserve capacity “

Barret says much of the 1mbpd oil production from non-OPEC producers will come from the United States. “It took a long time for US drillers to bring production on line, but with current prices, US producers are expected to come back and even start investing.”

American drillers make a profit when crude is between $ 50 and $ 60, so current prices are certainly very lucrative for American producers.



Related posts:

  1. OPEC: Evaluate of the World Financial system
  2. How China’s photo voltaic trade is designed to be the brand new inexperienced OPEC
  3. UAE oil resale exception: OPEC was dug under the waterline
  4. As Oil Costs Rise, Outdated Opec Tensions Will Rise
Tagscrude oiloil marketoil productionunited states

Categories

  • All-Equity Rate
  • Cash
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)

Recent Posts

  • Crude oil price at USD 110/barrel is unsustainable, says Hardeep Singh Puri
  • Yatra Capital: Audited financial statements March 2021
  • To eliminate prejudice, doctors are training to look beyond obesity
  • Emirates News Agency – Ministry of Finance, OPEC Fund for International Development discuss strengthening cooperation
  • Future Sportswear Market Challenges and Industry Growth Prospects by 2026 – The Daily Vale
  • Terms and Conditions
  • Privacy Policy