Top

Tag: oil demand


Energy, Industry Focus Areas

Oil Shows Signs of Softening Before OPEC+ Meeting

November 27, 2023

Via: Transport Topics

Ahead of the delayed OPEC+ meeting on Nov. 30, there are indications oil supply is running ahead of demand, highlighting the thorny challenge facing the cartel as it prepares to set output policy for 2024. With futures well down from […]


Energy, Industry Focus Areas

Peak in oil demand ‘in sight’ before end of decade: IEA

June 14, 2023

Via: Phys.org

Global oil demand could peak before the end of this decade as the energy crisis has accelerated the transition to cleaner technologies, the International Energy Agency said Wednesday. The Paris-based agency, which advises developed nations, forecast in its Oil 2023 […]


Energy, Industry Focus Areas, Logistics, Process

Surging Chinese Oil Demand Pushes Shipping Costs Sharply Higher

March 17, 2023

Via: The Wall Street Journal

China is on an oil-supertanker hiring spree, a sign energy demand has sped up after the world’s second-largest economy limped out of its Covid-19 lockdowns. Traders carry crude to China, the world’s biggest oil importer, in Eiffel Tower-size tankers called […]


Energy, Industry Focus Areas

Gas Tax Holiday Would Increase Prices, Hess CEO Says

June 23, 2022

Via: Transport Topics

President Joe Biden’s plan to suspend the federal gasoline tax would only make things worse for U.S. drivers, one industry CEO said ahead of a meeting in Washington between oil executives and administration officials. “The gasoline tax holiday would actually […]


Energy, Industry Focus Areas

Gulf of Mexico Oil Drilling Makes Too-Little, Too-Late Comeback

May 2, 2022

Via: Transport Topics

A new wave of oil platforms is sweeping into the U.S. Gulf of Mexico as crude prices are riding historic levels and demand for barrels is higher than ever. But don’t count on the new production to close the oil-supply […]


Energy, Industry Focus Areas

Chevron Rakes in $15.6 Billion in Annual Profits as Oil Prices Climb

January 28, 2022

Via: The Wall Street Journal

Chevron Corp. had its most profitable year since 2014, reporting Friday that it earned $15.6 billion in net income in 2021, as commodity prices surged on the back of a global economic recovery. The U.S. oil giant’s annual earnings were […]


Energy, Industry Focus Areas

Oil Demand Nears Pre-Pandemic Levels, Saudi Aramco Says

January 24, 2022

Via: Transport Topics

Demand for oil is nearing pre-COVID levels and producers globally are investing too little in supply, Saudi Aramco said. “We are getting very close to pre-pandemic levels,” CEO Amin Nasser said Jan. 24 in Dhahran, where the world’s biggest oil […]


Energy, Industry Focus Areas

Exxon to Continue Leaner Spending as Covid-19 Threat Lingers

December 1, 2021

Via: The Wall Street Journal

Exxon Mobil Corp. said Wednesday it will maintain a conservative budget for the next five years as the outlook for oil and gas demand remains murky while coronavirus-led economic risks persist and some countries attempt to wean themselves off fossil […]


Energy, Industry Focus Areas

High Energy Prices Likely to Mean Less Oil Demand This Year, OPEC Says

November 11, 2021

Via: The Wall Street Journal

Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday. In a closely watched monthly market report, OPEC said global demand for […]


Energy, Industry Focus Areas

Gas Shortage Forces Power Plants to Switch to Oil, Boosting Demand

October 14, 2021

Via: The Wall Street Journal

Soaring natural-gas and coal prices are pressuring power-generation companies and manufacturers to switch to using oil, a trend that could add half a million barrels a day to global demand, the International Energy Agency said Thursday. In its monthly market […]


Energy, Industry Focus Areas

Crude Closes Above $80 With Energy Crisis Boosting Demand

October 12, 2021

Via: Transport Topics

West Texas Intermediate crude closed above $80 a barrel for the first time since late 2014 as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter. U.S. crude futures advanced 1.5% on Oct. 11 […]


Energy, Industry Focus Areas

Diesel Stockpiles at 20-Year Low as Winter Nears

October 7, 2021

Via: Transport Topics

U.S. inventories of distillates — used as diesel for both transportation and heating oil — are enough to meet just 31.2 days of demand, according to the Energy Information Administration. That’s the tightest it has been for this time of […]


Energy, Industry Focus Areas

OPEC+ Can Proceed With Reviving Supply, Key Members Say

September 21, 2021

Via: Transport Topics

OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike. “The plan is working, we’re gradually increasing and the market is absorbing it,” United […]


Energy, Industry Focus Areas

Why Rising Oil Prices Are Unlikely to Kill the Economic Recovery

July 8, 2021

Via: The Wall Street Journal

The recent bout of higher oil prices is unlikely to make much of a dent in the global recovery, according to economists who say strong growth and flush consumers in advanced economies will help the world absorb much of the […]


Energy, Industry Focus Areas

Key US Oil Storage Hub Seen Depleting as Producers Hold Tight

June 24, 2021

Via: Transport Topics

Crude oil inventories in America’s largest storage hub are falling fast as the post-pandemic demand rebound continues to outpace production. Stockpiles in Cushing, Okla., the delivery point for West Texas Intermediate oil futures fell nearly 4 million barrels in the […]


Energy, Industry Focus Areas

Slow Vaccinations in Developing World Set to Drag on Oil Demand

June 11, 2021

Via: The Wall Street Journal

The world’s appetite for crude oil will return to its pre-pandemic highs by the end of next year but low coronavirus vaccination rates in emerging economies are pushing the pandemic’s end date further away, the International Energy Agency said Friday. […]


Energy, Industry Focus Areas

Oil Climbs With US Demand Bump Driving Global Rebound Optimism

April 28, 2021

Via: Transport Topics

Oil advanced to the highest intraday level in more than a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption. Futures jumped as much as 2.2% […]


Energy, Industry Focus Areas

Oil Demand Is Recovering Despite Vaccination Hiccups, IEA Says

April 14, 2021

Via: The Wall Street Journal

A year after the pandemic and a price war sparked one of the weakest months in history for oil prices, the global energy market is well on its way to recovery, the International Energy Agency said Wednesday. In its monthly […]


Energy, Industry Focus Areas

Oil Slips From Nine-Month High With Markets in Risk-Off Mode

December 7, 2020

Via: Transport Topics

Oil fell from its strongest close in nine months, hampered by weaker risk sentiment in global markets. Crude futures were down 0.9% in New York, with the dollar rising and European equities and U.S. stock futures declining. Oil rallied last […]


Energy, Industry Focus Areas

Chevron Slashes Spending Plans as Coronavirus Hammers Oil Demand

December 3, 2020

Via: The Wall Street Journal

Chevron Corp. said it would cut its annual capital spending budget by 26% next year and sharply through the middle of the decade, as the coronavirus pandemic forces an industrywide reappraisal of fossil-fuel investment. Chevron said it would spend $14 […]